SoFi Reports Record Revenue But Shares Drop as Profit Guidance Remains Unchanged
Despite reporting record second-quarter revenue of $1.21 billion and raising full-year revenue guidance, SoFi Technologies (NASDAQ:SOFI) shares fell by 10% due to unchanged profit expectations. The company's adjusted EPS came in at $0.12, slightly below the consensus estimate but within a narrow range. Management maintained its EBITDA forecast near $1.6 billion and net income around $825 million for 2026. The stock had already been under pressure this year, down nearly 36% through Tuesday's close. The decision to hold profit guidance flat amid rising costs led investors to sell off shares aggressively after the earnings release on Wednesday morning. SoFi also reported a significant drop in its Technology Platform revenue and increased sales and marketing expenses. The selloff extended across fintech peers like Robinhood (NASDAQ:HOOD) and Affirm Holdings (NASDAQ:AFRM), both down 4%, despite no specific catalysts for those companies.
Tickers: $AFRM $HOOD $NVDA $SOFI
Topics: Earnings Report Fintech Stock Movement