SoFi Technologies Inc (NASDAQ:SOFI) shares are trading lower Thursday after the company cut its full-year 2022 revenue guidance below analyst estimates and maintained first-quarter guidance below analyst estimates.
SoFi lowered full-year revenue guidance from $1.57 billion to $1.47 billion versus the $1.53 billion estimate. The company expects first-quarter revenue to be between $280 million and $285 million versus the $290.4 million estimate.
SoFi said the guidance adjustment is in response to President Joe Biden's directive to extend the federal student loan payment moratorium to Aug. 31
Despite the changes, SoFi remains well positioned to drive continued growth in revenue, members and products, according to SoFi CEO Anthony Noto.
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SOFI 52-Week Range: $7.73 - $24.95
According to data from Benzinga Pro, the stock was down 4.01% at $8.40 at publication time.
Photo: StartupStockPhotos from Pixabay.
