SoFi Stock Falls After Cutting 2022 Guidance on Extension of Federal Student Loan Payment Moratorium
2022.04.07 00:46
SoFi (SOFI) Stock Falls After Cutting 2022 Guidance on Extension of Federal Student Loan Payment Moratorium
SoFi Technologies Inc. (NASDAQ:SOFI) shares fell nearly 4% after-hours after the company lowered its full 2022-year guidance following the Biden Administration’s extension of the federal student loan payment moratorium from May 1 until August 31.
The company’s management believes that the student loan moratorium will likely be extended beyond August 2022 and not end during 2022.
Given this assumption, the company lowered its 2022 adjusted Net Revenue and adjusted EBITDA guidance to $1.47 billion and $100 million, respectively, from the prior $1.57 billion and $180 million. The company reiterated its original adjusted Net Revenue guidance of $280-285 million and Adjusted EBITDA guidance of $0-5 million for Q1/22.
By Davit Kirakosyan
