(SoFi) Shares of SoFi fell more than 11% on Thursday after lowering its net revenue and adjusted EBITDA guidance in FY22 to between $1.47 billion and $100 million, respectively.
The new guidance reflected a reduction from the previous adjusted net revenue of $1.57 billion and adjusted EBITDA of $180 million.
The lowered guidance followed President Joe Biden’s directive to extend the federal student loan repayment moratorium to August 31, 2022 from previous May 1, 2022.
The lowered guidance also reflected a company’s assessment that the loan repayment will go beyond 2022.
SoFi still maintained its original guidance of $280 million to $285 million adjusted net revenue in the first quarter of the year. The company also kept its guidance of $0-5 million adjusted EBITDA.
SOFI: NASDAQ is down -11.34%
