SoFi Technologies (SOFI) earnings were released night and the stock got hit.
Hard. Yesterday, we said it was “put up or shut up time.” And SOFI, well…
SOFI reported revenues of $231.3 million, nicely beating the consensus of $218.6 million. That’s the good news.
Now the bad news. For the third quarter, SOFI expects revenue of $245-$255 million, which is below Wall Street’s expectations of $260 million.
SOFI also reported a loss, which is souring the mood.
The Bottom Line
Is SOFI growing fast? Yes.
But with an expensive stock like this, traders expect gangbuster results on every metric. And since SOFI’s report wasn’t pure perfection, the stock is selling off.
About SoFi Technologies (SOFI)
SoFi is a new breed of financial institution with an online-first model. SoFi offers everything from checking to savings to trading to mortgages to crypto services.