SoFi stock falls, trading halted after the fintech company accidentally released Q1 report

SoFi’s shares fell sharply on Tuesday, halting for nearly three hours after the company accidentally released its first-quarter results early.

According to CNBC’s Kate Rooney, the report, which was due to appear after Tuesday’s market close, was released early due to human error. Shares fell more than 18% when trading halted at 11:19 a.m. ET, but pared losses to 12% after trading resumed just after 2 p.m

For the quarter, SoFi reported a loss of 14 cents per share, compared to 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.

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

Justin Sullivan | Getty Images

However, its second quarter revenue guidance was weaker than expected at $330 million to $340 million. According to FactSet’s StreetAccount, analysts on average estimated sales at $343.7 million.

SoFi CEO Anthony Noto told CNBC’s Rooney that he believes some of Wall Street’s expected numbers may be out of date following the company’s April 6 update that lowered full-year net sales expectations.

The stock’s decline brought SoFi to a market cap of around $4 billion. The stock is down nearly 70% this year.

SoFi isn’t the only fintech stock to take a beating lately. Shares in AI lender Upstart fell more than 50% on Tuesday after the company lowered its full-year guidance. Shares in more established PayPal have been halved this year, in part due to the company’s weak earnings forecast in February.

Read the full press release here. SoFi stock falls, trading halted after the fintech company accidentally released Q1 report

Gary B. Graves

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