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SoFi is revving up consumer lending. Investors are tapping the breaks.
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SoFi (SOFI) stock fell 9% on Wednesday morning after it reported second quarter earnings.
Despite posting its eighth consecutive quarter of record revenue and raising full-year sales guidance, concerns swirled around its costs and soaring consumer lending.
SoFi also raised its adjusted revenue guidance for the full year to between $4.75 billion and $4.85 billion.
Total loan originations jumped 69% from a year ago to $14.8 billion.
Personal loan originations rose 54% to $10.7 billion, while student loan originations nearly tripled to $2.7 billion.