Associated Banc-Corp
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Financials : Banks | Small Cap Value
Company profile

Associated Banc-Corp is a United States-based bank holding company. The Company provides banking and nonbanking products and services to individuals and businesses. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage banking solutions. The Community, Consumer, and Business segment consists of lending, deposit solutions, and ancillary financial services, primarily insurance and risk consulting, to individuals and small to mid-sized businesses. The Risk Management and Shared Services segment includes key shared corporate functions, parent company activity, intersegment eliminations, and residual revenues and expense.

Postmarket

Last Trade
Delayed
$22.92
0.12 (0.53%)
Bid
--
Ask
--
B/A Size
--

Market Hours

Closing Price
$22.80
Day's Change
-0.10 (-0.44%)
Bid
--
Ask
--
B/A Size
--
Day's High
22.92
Day's Low
22.62
Volume
(Heavy Day)
Volume:
1,459,705

10-day average volume:
986,409
1,459,705

SoFi stock falls after its first earnings report, as profit outlook comes up short

8:13 pm ET August 12, 2021 (MarketWatch)
Print

By Emily Bary

Company doubles revenue in second quarter

SoFi Technologies Inc. doubled revenue in its latest quarter, but issued an earnings outlook for the current period that came up lighter than what analysts were anticipating.

The company reported a second-quarter net loss of $165.3 million, or 48 cents a share, whereas it recorded net income of $7.8 million a year earlier. Analysts tracked by FactSet were anticipating a 6-cent loss per share.

SoFi's (SOFI) revenue rose to $231.3 million from $115.0 million, while analysts were expecting $218.6 million.

Shares of SoFi were off nearly 12% in after-hours trading Thursday following the report, which was SoFi's first since going public in June (https://www.marketwatch.com/story/sofi-stock-gains-in-first-trading-day-after-spac-merger-11622562949) through a merger with a special-purpose acquisition company (https://www.marketwatch.com/story/five-things-to-know-about-sofi-as-it-goes-public-11615916651).

The company's total member base grew to 2.6 million, up from 1.2 million a year earlier, while total products reached 3.7 million, up from 1.6 million a year ago. Both growth figures reflected expansion in SoFi's product offerings, the company said in its earnings report.

Looking ahead to the third quarter, SoFi expects adjusted net revenue of $245 million to $255 million. It also expects earnings before interest, taxes, depreciation and amortization in the range of a $7 million loss to $3 million in earnings. Analysts tracked by FactSet were expecting positive Ebitda of $11.8 million.

In the latest quarter, SoFi generated total net revenue of $166.3 million in its lending business, up from $95.9 million a year prior. It saw 981,440 product originations in the lending business, including 18,102 home loans, 544,068 personal loans and 419,270 student loans.

The company's financial services segment recorded $17.0 million in revenue, up from $2.4 million a year earlier. The segment saw directly attributable expenses of $41.8 million, which brought the contribution loss to $24.7 million. A year earlier, SoFi recognized directly attributable expenses of $33.3 million that brought the contribution loss to $30.9 million.

See also: SoFi plans to acquire community bank to speed up bank-charter process (https://www.marketwatch.com/story/sofi-plans-to-acquire-community-bank-to-speed-up-bank-charter-process-11615293074)

SoFi saw growth in its technology business, which mainly consists of the Galileo Financial Technologies operations that it acquired in May 2020. Galileo provides services to neobanks. It had 78.9 million accounts as of the second quarter, up from 36.0 million a year prior.

Revenue from this segment increased to $45.3 million from $19.0 million. The company noted that it has engaged in heavy investments to migrate the technology operations to the cloud, expand geographically, and nearly double headcount for this part of the business.

-Emily Bary

	

(END) Dow Jones Newswires

August 12, 2021 20:13 ET (00:13 GMT)

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