Shares of SoFi Technologies (SOFI) fell more than 12% in early trading on Wednesday, despite a strong first-quarter performance. The fintech company reported record adjusted net revenue of $1.1 billion in Q1, up 41% year-over-year. Member growth also remained strong, rising 35% to a record 14.7 million users. However, investors are still unsure about the outlook, and the report may not be enough to ease concerns that have been building since the company’s weaker start to the year.
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For context, SoFi Technologies is a digital financial services company offering banking, lending, and investment products through its mobile platform.
Why SOFI Stock Is Down
SoFi Technologies guided for strong growth in the second quarter of 2026, expecting adjusted net revenue to rise about 30%, with an adjusted EBITDA margin near 30%.
For full-year 2026, the company projected revenue of $4.655 billion, slightly above the analyst estimate of $4.651 billion. However, the narrow beat was not enough to impress investors, who appeared underwhelmed by the modest upside. The company also did not raise its full-year outlook, despite beating expectations in the latest quarter.
SoFi’s Q1 Performance
SoFi Technologies delivered a strong first quarter, driven by record member and product growth. The company added 1.1 million new members in Q1, while total products grew 39% to a record 22.2 million.
Additionally, the company reported adjusted earnings per share (EPS) of $0.12, in line with analyst expectations, while revenue of $1.1 billion beat estimates of $1.05 billion. Revenue also increased across all core segments. Financial services revenue, which includes products like SoFi Invest and its credit card business, rose 41% to $429 million.
Meanwhile, loan originations reached a record $12.2 billion in Q1, driven by strong demand across personal, student, and home lending segments.
Is SoFi Stock a Good Buy?
According to TipRanks’ consensus, SOFI stock has a Hold consensus rating based on five Buys, seven Holds, and three Sells assigned in the last three months. At $23.27, the average SoFi Technologies’ stock price target implies a 23.4% upside potential.
These ratings and price targets will likely change as analysts update their coverage following today’s earnings report.
