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SoFi Stock Tumbles as Earnings Published Ahead of Schedule

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SoFi Technologies

stock was sinking after Bloomberg released the fintech company’s earnings, which weren’t supposed to arrive until after the close, early.

According to the Bloomberg article, SoFi reported a loss of 14 cents a share, meeting analyst forecasts, on sales of $321.7 million, ahead of estimates for $284.9 million.

Unfortunately for SoFi shareholders, SoFi now expects second-quarter adjusted revenue between $330 million and $340 million, below estimates for $343.9 million, and forecast earnings before interest, taxes, amortization, and depreciation of $$100 million to $105 million, below estimates for $119 million.

SoFi had not responded to a request for comment about the accuracy of the numbers at the time of publication, but its stock had fallen 18% to $4.8677 before it was halted for news. Its stock has fallen 69% in 2022, far worse than the S&P 500’s 17% decline and the Dow Jones Industrial Average’s 12% fall.

Write to Ben Levisohn at ben.levisohn@barrons.com

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