Great results from $SOFI sent stock prices down 12%! Is it because of the fall of the US bank $FRC?
Record GAAP and Adjusted Net Revenue for Q1 2023
GAAP net revenue of $472 million up 43%; Adjusted net revenue of $460 million up 43% year-over-year.
Adjusted record EBITDA of $76 million up 772% year-over-year.
New member additions of more than 433,000; Total members at quarter-end up 46% year-over-year to nearly 5.7 million.
New product additions of nearly 660,000; Total products at quarter-end up 46% year-over-year to nearly 8.6 million.
Management raises full-year guidance for 2023
https://s27.q4cdn.com/749715820/files/doc_financials/2023/q1/Q1-2023-Earnings-Release.pdf
What do you think of this Fin Tech company and its growth? Solid results for me, unfortunately impacted by the $FRC bank crash .
The stock responded by rising 10% in Pre-market and then fell -12% in trading.
You've got to look at the negatives of the results, too, there's this to check out - The first is that SoFi reported 126 million accounts in the first quarter for its technology platform business, which allows companies to create financial services offerings, down from 131 million in the fourth quarter of last year.
The second thing is the fact that revenue beat analysts' estimates, but it absolutely didn't play with the outlook for the coming quarter and the rest of the year, which after all, logically they should have moved higher as well, but it didn't.