1 Thing Bears Missed in SoFi's Latest Blowout Quarter
You might have missed it, but we've just witnessed the end of an era for SoFi Technologies (NASDAQ: SOFI) -- and in the very best way.
But first, some perspective: Shares of the online banking and personal finance specialist initially rallied after the company announced its latest quarterly results. But as has been the case for the past several quarters, SoFi stock ultimately gave up its post-earnings gains in the subsequent trading sessions.
There was nothing not to like from a bullish investor's perspective in SoFi's results. Quarterly revenue grew 27% year over year to $537.2 million, translating to a net loss of $276.9 million, or $0.29 per share, according to generally accepted accounting principles (GAAP). Adjusted for a one-time non-cash impairment of goodwill assets during the quarter, SoFi's (non-GAAP) net loss would have narrowed to $29.7 million, or $0.03 per share. By comparison, most analysts were modeling a significantly wider adjusted net loss of $0.09 per share on lower revenue of $515.6 million.
Source Fool.com
