SoFi Technologies Beats Q1, But Shares Dropped 20% on Declining Galileo Accounts
<p><a href='https://financialmodelingprep.com/financial-summary/SOFI'>SoFi Technologies (NASDAQ:SOFI)</a> dropped more than 20% since yesterday’s Q1 earnings report. EPS came in at ($0.05), better than the Street estimate of ($0.08). Revenue was $460.16 million, beating the Street estimate of $441.12 million.</p>
<p>Although the company beat earnings estimates, the stock sold off as Galileo accounts declined for the first time leading to SoFi’s tech revenue dropping to $78 million, and on-balance-sheet loans continued to build up despite being designated for sale. </p>
<p>SoFi did not sell any whole loans in their personal lending portfolio, which raises concerns about their ability to offload these loans in the future.</p>
<p>For Q2/23, the company expects revenue in the range of $470-480 million, compared to the Street estimate of $473.39 million. For the full year, the company expects revenue of $1.955-2.02 billion, compared to the Street estimate of $1.99 billion.</p>

NASDAQ:SOFI