Now, the payment company off just around 15%. A couple of things going on here– rising delinquencies, a slowing economy, fears of a recession posing a pretty challenging road map for this industry. Now, at the end of March– as of the end of March, 3.7% of outstanding loan dollars were at least 30 days late, more than double what it was just a year ago. Affirm went public about a year and a half ago, just around $49 a share, hit a high of just over $170 back in November. Today, you can see it trading just above $24.
Yahoo Finance Live examines a number of the day’s most important business headlines, including Affirm’s prognosis in the purchase now, pay later market and United Airlines’ response to labour shortages. SEANA SMITH (Seana Smith): It’s time for a triple play, which consists of a few equities we’re keeping an eye on in the final 25 minutes of trading. First and foremost, the purchase now, pay later company is experiencing some difficulties. Take a look at Affirm’s stock, which is down today as a result of this.
And, Dan, when you take a look at this sector, obviously, a lot of challenges here. One of its competitors, Klarna, announcing that they’re laying off just around 10% of its workforce. We talk about layoffs in tech at large and it’s starting to hit this buy now, pay later industry as well. DAN HOWLEY: Yeah, and we are starting to see some layoffs in tech. I actually want to talk about Microsoft as my pick. And, basically, they’re seeing some layoffs. There was originally a report that they were seeing a ton, but, no, they’re not. It’s only in some of the office– some of the Microsoft Word chat teams. So it’s not massive.
But I do want to focus on Microsoft as my pick for the day, specifically because they’re rolling out a new laptop. And the reason that’s big is because it’s coming at a time when we’re starting to see PC sales fall back from what they originally were. Last year in Q1, we had seen a jump of 55% year-over-year in overall PC sales. Now, so far this year in Q1, we saw a 5% drop from there.