SoFi stock plummets, trading halts after fintech accidentally releases Q1 report early

Pedestrians walk past the corporate headquarters of SoFi Technologies on February 22, 2022 in San Francisco, California.

Justin Sullivan | Getty Images

SoFi shares fell sharply on Tuesday and were halted after the company accidentally released its first quarter results early.

The company said the report, which was expected after the market closed on Tuesday, was released early due to human error, according to CNBC’s Kate Rooney. The shares fell more than 18% when trading was halted.

For the quarter, SoFi posted a loss of 14 cents per share, versus an expected loss of 15 cents per share, according to analysts polled by Refinitiv. The company also beat revenue expectations, reporting $322 million versus an estimate of $286 million.

However, its revenue forecast for the second quarter was lower than expected, between $330 million and $340 million. Analysts on average estimated revenue at $343.7 million, according to FactSet’s StreetAccount.

The stock’s decline took SoFi below $4 billion in market capitalization and $5 per share. The stock has lost almost 70% this year.

Read the full press release here.

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