(Bloomberg) -- Affirm Holdings Inc.’s credit quality remains resilient ahead of the holiday season, Chief Executive Officer Max Levchin said, though customer delinquency rates are slightly higher than they were a year ago.
“We are feeling very good about our credit performance, credit outcomes,” Levchin said Friday in a Bloomberg Television interview. “Very excited about the holiday season obviously, but the credit quality is exactly in the kind of control we want it to be.”
Affirm, which reported fiscal first-quarter earnings on Thursday, said the rate of 30-day delinquent monthly installment loans was 2.8%, up from 2.4% a year earlier, while 60-day delinquency rates rose to 1.7% from 1.4%.
Shares of the firm slumped 12% at 11:43 a.m. in New York, and are down a similar amount this year.
Revenue grew 41% from a year earlier to $698.5 million, beating analysts’ estimates.
Affirm’s tie-up with Apple Inc.’s Apple Pay product went live in September, but Levchin said Friday that it’s too early to share progress on the partnership.
--With assistance from Sonali Basak and Matthew Miller.
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