Why SoFi Technologies Stock Dropped 10% on Earnings Monday [Yahoo! Finance]
SoFi Technologies, Inc. (SOFI)
Company Research
Source: Yahoo! Finance
Heading into the first quarter of 2024, analysts forecast SoFi would earn just $0.01 per share on $556 million in quarterly sales. In fact, profits were twice what were expected at $0.02 per share, and sales came in strong at $645 million. But the stock is still down. The first-quarter earnings report Sales for the first quarter surged 37% year over year, which is a nice start. SoFi also flipped from a year-ago loss to a profit. Total deposits at the internet bank rose 16% to a record $3 billion, and its customers are now ranked as "high quality," with a median FICO score of 774, making them good candidates for loans. (The company's net interest margin is a strong 5.9%). All of that sounds great. Where things turned bad was on guidance. Is SoFi stock a sell? Management forecast 2024 revenue will grow faster than expected, to about $2.4 billion, with higher earnings as well -- at least $0.08 per share, as calculated according to generally accepted accounting principles ( GAA
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SOFI
News
- Should You Buy SoFi Stock While It's Below $7? [Yahoo! Finance]Yahoo! Finance
- Prediction: These Could Be the Best-Performing Fintech Stocks Through 2030 [Yahoo! Finance]Yahoo! Finance
- SoFi and Templum Partner for Expanded Access to Alternative AssetsBusiness Wire
- SoFi Raised Its Earnings Forecast for 2024. Here's Why Its Growth Is So Strong. [Yahoo! Finance]Yahoo! Finance
- Should SoFi Stock Investors Worry About This Little-Known Risk? [Yahoo! Finance]Yahoo! Finance
SOFI
Earnings
- 4/29/24 - Beat
SOFI
Sec Filings
- 5/14/24 - Form 144
- 5/7/24 - Form 10-Q
- 5/6/24 - Form 4
- SOFI's page on the SEC website