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SoFi Stock Drops as Firm Cuts Forecast on Student-Loan Pause

  • Lender doesn’t expect student-loan moratorium to end in 2022
  • SoFi expects adjusted net revenue of $1.47 billion this year
Anthony Noto
Anthony NotoPhotographer: Alex Flynn/Bloomberg
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SoFi Technologies Inc., which operates a business for refinancing educational debt, cut its guidance after President Joe Biden’s administration again extended the pause on student-loan payments. The lender’s shares slumped. 

SoFi now expects adjusted net revenue for the full year to total $1.47 billion, down from earlier guidance of $1.57 billion, the company said in a statement Wednesday after the close of regular U.S. trading. Adjusted earnings before interest, taxes, depreciation and amortization are likely to total $100 million, down from a previous forecast of $180 million.