SoFi stock falls, trading halted after fintech firm accidentally releases Q1 report
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The SoFi Technologies headquarters in San Francisco is seen by a few pedestrians on February 22nd, 2022.
Justin Sullivan | Getty Images
Shares SoFiAfter the incorrectly releasing its first-quarter results earlier than expected, shares plunged sharply on Tuesday.
According to CNBC’s Kate Rooney, the company stated that it was delayed in publishing its report. It was supposed to be released after Tuesday market close. When trading was stopped, shares were more than 18% lower.
Analysts surveyed by Refinitiv found that SoFi suffered a 14-cent loss per share for the quarter. This was compared to an expected loss 15 cents. Also, revenue estimates were exceeded as the company reported $322million, against a $286million estimate.
Its second quarter revenue forecast for the company was lower than anticipated, with $330 million to 340 million. According to FactSet StreetAccount, analysts were projecting revenue of 3433.7 million on an average.
SoFi fell below $4Billion in market capital and to $5 per share due to the stock’s plunge. Nearly 70% of the stock’s value has been lost this year.
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