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SoFi Stock Tumbles 10% as Q2 Outlook Clouds Earnings Beat

SoFi Technologies (SOFI) - ★★★ - Ranked #47 in our Q2 2024 SMID Equity Rankings

SoFi Technologies (SOFI) saw its shares plummet 10% on Monday, despite reporting better-than-expected first quarter results. The catalyst for the double-digit decline appears to be concerns around the company's second quarter earnings guidance, which fell short of Wall Street's projections.

The digital financial services firm provided an adjusted revenue outlook of $555 million to $565 million for Q2. This missed analysts' consensus estimate of $585-$605 million.

The disappointing Q2 guidance overshadowed SoFi's Q1 earnings beat and seemed to renew investor worries around the company's ability to accelerate growth amid a conservative approach to loan originations. Year-to-date, SoFi stock has now declined 27% as it grapples with the broader challenges facing fintechs and lenders.

While the market reacted negatively to SoFi's latest quarterly report, our team at Thirty Excel maintains a neutral outlook on the stock from current levels. We see potential upside from here, especially if SoFi can execute on its profitability goals while positioning itself for an inevitable recovery in loan demand.

Our premium subscribers receive access to our trade diary and we recently provided insights into our latest analysis and positioning on SoFi. We encourage investors to subscribe for continued coverage and updates as we navigate this fintech story. The lending landscape remains challenging, but patient investors could be rewarded if SoFi's conservative approach helps it gain ground during turbulent times.

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The information provided in this report is for general informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. The opinions expressed in the report are our own and are subject to change without notice. We may have a position in the securities mentioned in the report, and we may buy or sell such securities without notice. Any investment decisions made based on the information in this report are solely the responsibility of the recipient. We do not accept any liability for any direct, indirect, or consequential loss arising from any use of this report or its contents.


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