By Manya Saini
April 29 (Reuters) – SoFi Technologies’ shares fell 9% in premarket trading on Wednesday after the company left its 2026 revenue forecast unchanged, overshadowing record first-quarter results fueled by robust loan and member growth.
The reiterated forecast comes amid persistent macro uncertainty, even as loan demand picks up across lenders, with U.S. consumers and the broader economy staying resilient despite higher oil prices due to Middle East tensions and still-high interest rates.
SoFi continues to expect full-year profit of 60 cents per share on revenue of about $4.66 billion, in line with Wall Street expectations, according to data compiled by LSEG.
“SoFi uncharacteristically did not flow through first-quarter revenue and EBITDA upside, keeping 2026 guidance effectively unchanged,” William Blair analyst Andrew Jeffrey said in a note.
“The Street will hate these results, in our view, but we see limited downside,” the brokerage said.
Total loan originations at SoFi rose to a record $12.2 billion in the three months ended March 31, driven by strong growth across its personal, student and home segments.
Its member growth was up 35% to a record 14.7 million in the first quarter from a year ago.
“The health of our consumer base remains strong. We saw record loan growth in the first quarter, with strong demand expected for the second quarter,” SoFi CEO Anthony Noto told Reuters.
He said point-of-sale debit spending continues to be strong and credit performance met expectations.
SoFi has sought to disrupt traditional banking with products ranging from IPO investing to credit cards and savings accounts via a digital-first platform.
“If you look at legacy banks, they are constrained by fragmented, decades-old systems,” Noto said, adding that SoFi was gaining market share.
Fintech firms have focused on younger, tech-savvy customers by offering mobile-first platforms, low fees and a wide range of services in a single app.
SoFi’s net interest income – a measure of lending profitability – increased 39% to $693 million in the first quarter, while its total fee-based revenue rose 23% to $386.8 million.
First-quarter profit surged to 12 cents per share, compared with 6 cents a year earlier. Its adjusted revenue rose 41% to a record $1.1 billion.
(Reporting by Manya Saini in Bengaluru; Editing by Shreya Biswas and Pooja Desai)
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