Why SoFi Stock Fell 17% in March
Shares of SoFi (NASDAQ: SOFI) dropped 17.5% last month, according to data provided by S&P Global Market Intelligence. A strong earnings report wasn't enough to overcome the sell-off that hit growth stocks and bank stocks.
SoFi popped sharply upward in after-hours trading following its quarterly earnings release on March 1, but those gains all faded as interest rate hikes and the war in Ukraine caused growth stocks to take a beating.
SoFi reported 54% adjusted earnings growth year over year, driven by the addition of nearly 525,000 new members. The fintech stock incurred larger net losses than in the prior-year period, but it delivered positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the sixth consecutive quarter. Its losses were lower than expected by Wall Street, and SoFi's projections for the full year 2022 indicate that it expects to maintain this momentum.
Source Fool.com
