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SOFI -9% premarket as earnings meet EPS but tech platform revenue falls 27% despite 41% revenue growth

Reddit r/wallstreetbets·u/callsonreddit·about 1 month ago
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SOFI -9% premarket as earnings meet EPS but tech platform revenue falls 27% despite 41% revenue growth Source: [https://finance.yahoo.com/markets/stocks/article/sofi-earnings-meet-expectations-while-its-tech-platform-struggles-110124682.html](https://finance.yahoo.com/markets/stocks/article/sofi-earnings-meet-expectations-while-its-tech-platform-struggles-110124682.html) SoFi posted a solid quarter of growth on Wednesday, even as its banking-as-a-service platform struggles. Adjusted net revenue for SoFi climbed 41% to a record $1.1 billion, exceeding analyst estimates for $1.05 billion, according to data compiled by Bloomberg. “We had an excellent first quarter,” CEO Anthony Noto said in a statement, citing how the company added 1.1 million new members during the period, bringing its total user base up 35% to 14.7 million. On a non-adjusted basis, profits for the San Francisco, Calif.-based fintech bank reached $167 million, or $0.12 per share, in line with what the Street expected.…

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