Investing

In this article

Pedestrians walk by the SoFi Technologies headquarters on February 22, 2022 in San Francisco, California.
Justin Sullivan | Getty Images

Shares of SoFi fell sharply on Tuesday and were halted after the company accidentally released its first-quarter results early.

The company said the report, which was scheduled for after market close on Tuesday, was released early due to human error, according to CNBC’s Kate Rooney. Shares were down more than 18% when trading was halted.

For the quarter, SoFi reported a loss of 14 cents per share, compared with an expected loss of 15 cents per share, according to analysts surveyed by Refinitiv. The company also beat revenue expectations, reporting $322 million versus a $286 million estimate.

However, its second-quarter revenue forecast was weaker than expected, at $330 million to $340 million. Analysts, on average, were estimating revenue of $343.7 million, according to FactSet’s StreetAccount.

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

Read the full press release here.

Articles You May Like

Dozens killed as chaos hits Gaza food convoy and Israeli troops open fire
36% of homebuyers and sellers don’t know they can negotiate real estate agent fees. Here’s how to do it
Oklahoma ends state sales tax on groceries; governor eyes more cuts
Leaked Russian military files reveal criteria for nuclear strike
Britain to lead 2024 European real estate boom as international buyers eye opportunities, research says