SoFi stock falls, trading stopped after fintech company inadvertently launches Q1 report

Pedestrians walk by the SoFi Technologies head office on February 22, 2022 in San Francisco, California.

Justin Sullivan | Getty Images

Shares of SoFi fell greatly on Tuesday and were stopped after the business inadvertently launched its first-quarter outcomes early.

The business stated the report, which was set up for after market close on Tuesday, was launched early due to human mistake, according to CNBC’s Kate Rooney. Shares were down more than 18% when trading was stopped.

For the quarter, SoFi reported a loss of 14 cents per share, compared to a predicted loss of 15 cents per share, according to experts surveyed by Refinitiv. The business likewise beat earnings expectations, reporting $322 million versus a $286 million price quote.

However, its second-quarter earnings projection was weaker than anticipated, at $330 million to $340 million. Analysts, usually, were approximating earnings of $343.7 million, according to FactSet’s StreetAccount.

The drop for the stock brought SoFi listed below $4 billion in market cap and $5 per share. The stock has actually lost almost 70% this year.

Read the complete news release here.


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