00:00SoFi just reported record revenue. Membership hit all-time highs. Loan originations exploded.
00:05So why did the stock drop 8%? Full update in one minute on News Plus Globe.
00:11You are watching News Plus Globe. SoFi Technologies reported first quarter earnings
00:15on April 28. The numbers looked amazing on paper. Revenue beat, profit beat, but investors sold
00:22anyway. Let's go. The actual numbers were strong. Revenue hit $1.1 billion, up over
00:2940% year-over-year, beating expectations. The company added a record 1.1 million new members
00:36in one quarter. Total members now at 14.7 million, up 35%. Loan originations hit a record $12.2
00:44billion, up 68%. The stock dropped 8% anyway. Why? The forward guidance. SoFi said second quarter
00:54growth will slow to about 30%. That is down from over 40% growth in the first quarter.
00:59The full-year revenue outlook of about $4.655 billion was barely above analyst estimates.
01:05Investors wanted more. The bigger picture. SoFi has now delivered 10 straight quarters of
01:10GEAAP profitability. For the full year, management expects adjusted EBITDA of $1.6 billion and adjusted
01:19earnings per share of about 60 cents. The CEO said 43% of new products came from existing members,
01:26showing strong customer loyalty. That is your SoFi stock update. Great quarter. Slowing guidance.
01:34The stock is now down nearly 30% year-to-date. Comment below. Is this a buying opportunity or a
01:42warning
01:42sign? Subscribe to News Plus Globe for daily stock market and financial news. News Plus Globe,
01:48your daily news dose.
Comments