Shares of SoFi Technologies saw a sharp drop Tuesday (May 10) and were halted for close to three hours after the digital personal finance company mistakenly released its first-quarter results early.
According to CNBC, the results — scheduled for release during an earnings call at 5 p.m. Tuesday, after trading — came out early because of human error. Shares dropped by more than 18% when trading was suspended at 11:19 a.m. eastern time, although losses were at around 12% when trading picked up again just after 2 p.m.
SoFi reported a loss of 14 cents per share for the quarter, slightly lower than analyst projections of 15 cents per share. The company also exceeded revenue expectations, showing $322 million compared to the estimate of $286 million.
But the company’s forecast for second-quarter revenue was weaker than anticipated, at $330 million to $340 million, compared to the $343.7 estimated by analysts, CNBC said.
Read more: SoFi Pays $1.1B For Banking Software Firm Technisys
SoFi CEO Anthony Noto told the network he thinks that some of Wall Street’s expected numbers might be out of date after the company’s April 6 update, which reduced net revenue expectations for the year.
The stock’s drop brought SoFi to a market cap of roughly $4 billion. SoFi’s stock has lost almost 70% this year.
See also: SoFi Concludes $750M Purchase of Golden Pacific Bank
Earlier this year, PYMNTS reported that SoFi paid $1.1 billion to purchase Technisys, a banking software company, in an effort to help its banking offerings. The deal gives the company the power to make mobile banking apps, track deposits and open accounts.
This year also saw SoFi acquire Golden Pacific Bank, a Sacramento-based community bank with approximately $150 million in assets.
Noto said the move reflects “SoFi’s ongoing mission to help people achieve financial independence and realize their ambitions.”
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