SoFi Technologies Inc SOFI shares are trading lower in Wednesday's after-hours session after the company cut its full-year 2022 revenue guidance below analyst estimates and maintained first-quarter guidance below estimates.
SoFi said the adjustment is in response to President Joe Biden's directive to extend the federal student loan payment moratorium to Aug. 31.
SoFi expects first-quarter revenue to be between $280 million and $285 million versus the $290.4 million estimate.
SoFi cut full-year revenue guidance from $1.57 billion to $1.47 billion versus the $1.53 billion estimate.
"SoFi remains incredibly well positioned to drive continued strong growth in revenue, members and products, along with continued and improving profitability, despite the fact that our student loan refinancing business has operated at less than 50% of pre-COVID levels for the last two years," said Anthony Noto, CEO of SoFi.
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SOFI 52-Week Range: $7.73 - $24.95
According to data from Benzinga Pro, the stock was down 5.14% in after hours at $8.30 at press time.
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