SOFI - Why SoFi Stock Lost 21% in January
2024-02-05 07:21:14 ET
Share of SoFi Technologies (NASDAQ: SOFI) stock fell 21% in January, according to data provided by S&P Global Market Intelligence . It received a downgrade from one analyst, and investors are still concerned about risk even after a stellar earnings report.
SoFi has been reporting incredible progress in every recent quarterly report. In the 2023 fourth quarter, revenue growth accelerated to 35% year over year, and adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) rose 159% to $181 million. What was probably the most exciting part of the report was that SoFi came through on its promise to deliver a net profit according to generally accepted accounting principles ( GAAP ). Net income was $48 million and earnings per share (EPS) was $0.02.
There was so much more to like. SoFi continues to bring new customers onto its platform at a fast pace, adding 585,000 new accounts in the fourth quarter, a 44% year-over-year increase, and there were 659,000 new products adopted, a 41% increase.
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Why SoFi Stock Lost 21% in January