US markets fell; Affirm tanked 21% on Q2 results; Under Armour fell 12.5% on Q4 results & forecast
- The Nasdaq fell 2.78% on Friday to close the session at 13,791 points.
- Affirm tanked 21% on Q2 results leaked to Twitter, and net loss widening.
- Under Armour fell 12.5% after releasing Q4 results with expectations of slowed growth.
The US markets fell again on Friday as increased tensions between Ukraine and Russia led investors to sell-out of risky assets like tech stocks. In the last hours of trade on Friday, US National Security Advisor Jake Sullivan said that there were signs of escalating tension and that Russia will possibly invade Ukraine during the Olympics, at a White House briefing.
The Dow Jones fell 1.43% to finish the trading day down 504 points to close at 34,738 points.
The tech heavy NASDAQ fell 2.78% to finish the trading day down 394 points to close at 13,791 points.
One bitcoin is worth US$42,184 going into the Asian trading day.
The Australian dollar is stronger against the major currencies and is buying 71.37 US cents.
BNPL provider Affirm tanked a further 21% on Friday after the company released second quarter results that fell short of expectations. Affirm’s shares tumbled after the company accidentally posted some of the quarterly results to Twitter first before the earnings call. For the quarter, Affirm reported a 77% increase YoY in revenue to US$361m, but a net loss of US$159.7m, compared to a loss of just US$26.6m for the same period a year earlier.
Shares in athletic apparel giant Under Armour fell 12.5% on Friday after the company released fourth-quarter results. For the period, Under Armour reported adjusted EPS of US$0.14/share and revenue of US$1.53bn which both exceeded expectations, but investors sold out of UA shares after the company said it expects a ‘temporary speed bump’ in the near term due to ongoing supply chain issues and ongoing ‘market uncertainty’.
And BMW has employed Arnold Schwarzenegger to star in the company’s Super Bowl ad for 2022, as a retired Zeus to front the company’s 30-second ad for its new electric vehicle the BMW iX M60.
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