SoFi plunges 14% after mixed 2nd-quarter report reveals weaker-than-expected guidance

• SoFi Technologies plunged as much as 14% on Friday after the fintech company reported mixed second-quarter earnings.
• The company said it expects third-quarter revenue guidance of $245 million to $255 million, below analyst estimates.
• This is SoFi's first earnings report as a public company since it completed its SPAC merger in June.
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Shares of SoFi Technologies fell as much as 14% on Friday after the fintech company released its first earnings report as a public company.

The company's mixed second-quarter results also revealed third-quarter revenue guidance that was below analyst estimates.

Here are the key numbers:

• Revenue: $237.2 million, versus estimates of $218.6 million
• Earnings per share: -$0.48, versus estimates of -$0.06
• Third-quarter revenue guidance: $245 million to $255 million, versus estimates of $270 million

SoFi said the Biden administration's decision to extend a moratorium on monthly student loan payments to January 31 from September 30 will reduce student loan refinancing revenue by $40 million.

Despite the weaker-than-expected results, SoFi experienced strong growth in the second quarter. Total members jumped 113% year-over-year to 2.6 million, while total products increased 123% to 3.7 million. The financial services segment, which includes SoFi's investment platform, saw revenue surge 608% to $17 million.

"We drove our 8th straight quarter of accelerating member growth, with even faster growth in cross-buying from existing members, increased our Galileo account base to nearly 79 million, and raised nearly $2 billion in our successful transition to a public company," SoFi CEO Anthony Noto said.

SoFi reiterated its full-year 2021 guidance of adjusted net revenue of $980 million and adjusted EBITDA of $27 million. Meanwhile, analysts expect SoFi's 2021 revenue to come in at $982 million.

SoFi completed its SPAC merger with Chamath Palihapitiya's Social Capital in early June.