SoFi Technologies Inc. (NASDAQ) shares plunged nearly 4% following SoFi Technologies Inc.’s reduction of its full 2022 year guidance. The company did this after the Biden Administration extended the federal student loans payment moratorium that was in effect from May 1 to August 31.

Management of the company believes that student loan moratoriums will continue beyond 2022, and may not be lifted until 2022.

This assumption led to the reduction of the adjusted net revenue and adjusted EBITDA guidance for 2022 from $1.57 billion to $180 million and respectively $1.47 billion to $100 million. For Q2 2012, the company maintained its adjusted net revenue guidance of $280-285 millions and adjusted EBITDA guidance at $0-5million.

By Davit Kirakosyan