SoFi Technologies NASDAQ:SOFI shares fell more than 9% on Wednesday after the digital financial services company reported second-quarter results that topped Wall Street estimates and raised its full-year outlook.
SoFi generated revenue of $1.22 billion for the quarter ended June 30, up 42% from a year earlier and ahead of analysts' expectations of $1.13 billion. Adjusted earnings came in at $0.12 per share, exceeding the consensus estimate of $0.11. Pretax profit totaled $204.3 million, representing a 16.8% margin.
SoFi also increased its fiscal 2026 adjusted net revenue forecast. The company now expects adjusted net revenue of about $4.8 billion at the midpoint of its guidance, above analysts' projections. The updated outlook reflects continued growth across its lending, banking, investing and financial services businesses.
Despite the stronger-than-expected quarter and improved guidance, investors pushed SoFi shares lower in early trading. The company, which began as a student loan refinancing provider in 2011, has expanded into a broader digital financial platform offering banking, investing and consumer finance products.