Why SoFi Technologies Stock Dropped 10% on Earnings Monday

Shares of SoFi Technologies (NASDAQ: SOFI) nose-dived 9.9% through 12:15 p.m. Monday even after the company reported an earnings beat this morning.

Heading into the first quarter of 2024, analysts forecast SoFi would earn just $0.01 per share on $556 million in quarterly sales. In fact, profits were twice what were expected at $0.02 per share, and sales came in strong at $645 million. But the stock is still down.

Sales for the first quarter surged 37% year over year, which is a nice start. SoFi also flipped from a year-ago loss to a profit. Total deposits at the internet bank rose 16% to a record $3 billion, and its customers are now ranked as "high quality," with a median FICO score of 774, making them good candidates for loans. (The company's net interest margin is a strong 5.9%).

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Source Fool.com