SoFi Slumps After Results
Popular fintech giant SoFi Technologies posted stronger-than-expected results and lifted its forecast. However, that wasn’t enough for the stock to hold onto early gains. Let’s dive into the numbers. 👇
The company’s revenues rose about 27% YoY to $537 million, topping expectations of $518 million. Student-loan originations rose 101% YoY to $919.3 million, with volume reaching its highest since the first quarter of 2022. Personal-loan originations also rose 38% YoY to $3.9 billion, while home-loan originations rose 64% to $355.7 million. 📊