Why SoFi Technologies Stock Lost 11% in November
Shares of financial technology company SoFi Technologies (NASDAQ: SOFI) lost 10% of their value in November, according to data from S&P Global Market Intelligence. The company has been facing a number of challenges this year related to the down economy, and these were reflected in the third-quarter earnings report, which was released on Nov. 1.
SoFi went public exactly two years ago as a one of a handful of fintech stocks that caught investor attention and quickly soared. However, as unprofitable growth stocks fell out of favor in 2022, it's been having a tough year, and its stock is down 70% in 2022.
The company offers a multitude of financial services on its digital app, with the goal of being a one-stop shop that provides an easier, better overall experience for customers to manage their money. Its largest segment until now has been student loans, but it has expanded its services to include banking, investing, and more.
Source Fool.com
