Shares of SoFi (SOFI) are dropping as the company reported its first quarter earnings. The results included revenue of $645 million, a 37% increase year-over-year, beating estimates of $556 million. However, the results were overshadowed by SoFi's adjustment to second quarter revenue: between $555 million and $565 million, well below analyst expectations of $590 million.
The better-than-expected first quarter revenue comes as the company experienced strong growth in loan originations, double-digit gains in personal and student loans and triple-digit gains for home loans. SoFi CEO Anthony Noto joins Wealth! to give insight into where demand for loans remains strong.
"We have seen really strong demand for unsecured personal loans, the term out revolving debt, with variable rates, fixed rate, and fixed term. On the home loan side of the equation, it's largely been purchase demand, not refinancing demand, given how high rates are and then on student loan or financing, I would say the demand is well below where it would be if rates were two to 300 basis points lower," Noto explains.
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