Why SoFi Technologies Stock Was Slipping This Week
Shares of SoFi Technologies (NASDAQ: SOFI) have slipped 11.2% this week, according to data from S&P Global Market Intelligence. The online bank posted earnings that beat Wall Street estimates, but its guidance was reportedly below investor expectations.
The stock is now in a 49% drawdown from all-time highs. Here's why SoFi stock slipped again this week, and whether investors should buy the dip on this fast-growing banking disruptor.
Topline growth in the first quarter was rock-solid for SoFi, keeping up its multi-year trend of taking market share in the personal banking industry. The bank added $2.7 billion in the quarter, bringing total assets to $40 billion, and total customers grew 35% year-over-year to 14.7 million. Adjusted net revenue was up 38%. Across the board, some more fantastic growth for SoFi.
Source Fool.com
