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Sarah Holzmann

SoFi Stock Plunges on Q1 Earnings. It Seems Investors Can’t Shake Muddy Waters’ Short Report.

SOFI Muddy Waters Anthony Noto LPB

SoFi Technologies (SOFI) shares plunged as much as 13% on Wednesday, April 29, despite the fintech bank delivering record first-quarter revenue of $1.1 billion, representing a 43% year-over-year increase that comfortably surpassed the consensus estimate of $1.05 billion. Non-adjusted earnings per share of $0.12 came in precisely in line with Wall Street expectations, doubling from $0.06 in the year-ago quarter. Net income more than doubled to $166.7 million, while adjusted EBITDA surged 62% to $340 million, yielding a 31% margin.

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