Why SoFi Technologies Stock Crashed 12.5% After Earnings #shorts #SoFi
SoFi Technologies (SOFI -8.76%) stock tumbled 12.5% through 9:45 a.m. ET Tuesday despite beating on top and bottom lines in its earnings report this morning.
Heading into earnings, analysts forecast the online bank would earn $0.04 per share on $632.3 million. In fact, SoFi reported a profit of $0.05 per share, and its revenue exceeded expectations, at $697.1 million.
SoFi continued to post impressive growth in the third quarter, with members rising 35% year over year to 9.4 million, although revenue grew slower at 30%. CEO Anthony Noto called the company's growth trends "durable," and noted that Q3 "was the strongest quarter in our history."
SoFi also noted increases in credit quality. Personal loan charge-offs declined 32 basis points to 3.52%, and delinquencies on personal loans fell 7 basis points to 0.57%. Both metrics should tend to boost profits at the company. Indeed, net interest income grew 25%.
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