SoFi Technologies Inc. (NYSE: SOFI) was earlier set to release its first-quarter earnings for FY22 after the market closes on Tuesday, May 10, 2022. However, Bloomberg reported the company’s earnings way ahead in advance.
SoFi reported a loss of $0.14 per share against an estimated loss of $0.13 per share, thus missing the expectations. However, the company reported a revenue of $321.7 million, which surpassed the Wall Street Consensus estimate of $284.0 million. Therefore, due to an earnings miss, the SOFI stock tumbled in the market trading session today and lost over 18%. Moreover, the SOFI stock’s trading was halted at 11:19 a.m. EDT and continued till the time of writing exceeding the 1 hour halt mark.
SoFi Technologies reported a total GAAP net revenue of $285.6 million in the fourth quarter of 2021 and $984.9 million for full-year 2021 increased 67% and 74%, respectively, from the corresponding prior-year periods of $171.5 million and $565.5 million, respectively. On an adjusted basis, net revenue of $279.9 million for the fourth quarter and $1.01 billion for the full year were up 54% and 63%, respectively, from the corresponding prior-year period totals of $182.0 million and $621.2 million, respectively. Strength in all three of SoFi’s business segments drove the year-over-year growth in these measures.
SoFi recorded a GAAP net loss of $111.0 million for the fourth quarter of 2021 and $483.9 million for full-year 2021, versus the prior-year periods’ net losses of $82.6 million and $224.1 million, respectively. Fourth quarter adjusted EBITDA of $4.6 million was positive for the sixth consecutive quarter, culminating in full-year positive adjusted EBITDA of $30.2 million.
The SOFI stock was down by a huge 18.43% and traded at $4.87 (losing 4.87 points) at 11:19 a.m. EDT in the market trading session today. The market capitalization of the stock stood at $3.89 billion. The share volume traded for the SOFI stock was 46,931,764, inching towards its average share volume of 56,156,658.