Affirm reported earnings that showed continued growth in the "buy now, pay later" sector as consumers flock to alternative forms of credit beyond traditional credit cards.
The company posted total revenue of $261.8 million, a 71% annual increase, in the quarter ending June 30, and a net loss of $128.2 million including stock-based compensation.
Gross merchandise volume was $2.5 billion in the quarter, up 106% year over year, and an increase of 178% excluding installment purchases with Peloton, a major partner.
The company's shares were trading up 16% after hours on the news. Affirm recently struck a deal to offer installment plans on Amazon.com, which had previously only offered limited "buy now, pay later" options.