SoFi Stock Is Sinking After Hours: What's Happening?
SoFi Technologies Inc. (SOFI) shares fell 8.17% in after-hours trading following the announcement of a $1.5 billion public offering of common stock. The company plans to use the proceeds for general corporate purposes. This comes after SoFi reported a 44% year-over-year revenue increase in Q2 and raised its 2025 revenue forecast to $3.38 billion. Despite the drop, SOFI shares had reached a 52-week high earlier in the day, trading at $25.11 before the announcement.
SoFi Technologies Inc SOFI shares are trading lower in Tuesday’s after-hours session after the company announced a public offering of common stock.
SOFI is showing strength near its 52-week high. See real-time price here.
What Happened: SoFi said it plans to offer and sell $1.5 billion of its common stock in an underwritten public offering. The company intends to grant the underwriter a 30-day option to purchase up to an additional 15% of shares being offered.
SoFi expects to use the net proceeds from the offering to general corporate purposes, including working capital and other business opportunities.
The offering comes after SoFi hit 52-week highs on Tuesday after reporting better-than-expected financial results for the second quarter and raising its full-year outlook.
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SoFi said second-quarter revenue increased 44% year-over-year as fee-based revenue jumped 72%. Members grew 34% year-over-year to 11.7 million. The company also raised its forecast for 2025 revenue to $3.38 billion and 2025 earnings per share to 31 cents.
SoFi ended the second quarter with $2.12 billion in cash and cash equivalents.
SOFI Price Action: SoFi shares traded up to $25.11 on Tuesday before pulling back. The stock was down 8.17% in after-hours, trading at $20.57 at the time of publication, according to Benzinga Pro.
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