Why SoFi Technologies Stock Crashed 12.5% After Earnings
SoFi Technologies (NASDAQ: SOFI) 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."
Source Fool.com
