Shares of SoFi fell sharply on Tuesday and were halted for nearly three hours after the company accidentally released its first-quarter results early.
The company said the report, which was scheduled for after market close on Tuesday, was released early due to human error, according to CNBC’s Kate Rooney. Shares were down more than 18% when trading was halted at 11:19 a.m. ET, but trimmed losses to 12% after trading resumed shortly after 2 p.m.
For the quarter, SoFi reported a loss of 14 cents per share, compared with an expected loss of 15 cents per share, according to analysts surveyed by Refinitiv. The company also beat revenue expectations, reporting $322 million versus a $286 million estimate.
Pedestrians walk by the SoFi Technologies headquarters on February 22, 2022 in San Francisco, California.
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However, its second-quarter revenue forecast was weaker than expected, at $330 million to $340 million. Analysts, on average, were estimating revenue of $343.7 million, according to FactSet’s StreetAccount.
SoFi CEO Anthony Noto told CNBC’s Rooney that he believed that some of Wall Street’s expected numbers could be out of date following the company’s April 6 update, which lowered net revenue expectations for the full year.
The drop for the stock brought SoFi to roughly $4 billion in market cap. The stock has lost nearly 70% this year.
SoFi is not the only fintech stock that has come under pressure recently. Shares of AI lender Upstart dropped more than 50% on Tuesday after the company cut its full-year forecast. Shares of the more-established PayPal have been cut in half this year, due in part to weak earnings guidance the firm issued in February.
Read the full press release here.