Anthony Noto, CEO of SoFi, engaged with CNBC at the annual Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 10, 2025.
SoFi's stock experienced a decline of nearly 6% during extended trading on Thursday after the fintech firm revealed plans for a $1.5 billion stock offering. The company, known for its online loans and diverse banking services, stated in a press release that the funds would be allocated for general corporate purposes, such as enhancing capital position, increasing strategic options, improving capital management efficiency, and funding growth and business opportunities.
This stock offering announcement follows a near doubling of SoFi's market capitalization thus far in 2025, with its stock price skyrocketing over six times since the end of 2022. Typically, a company's stock price falls with a share sale announcement due to dilution of existing shareholders' stakes.
In its late October third-quarter earnings report, SoFi disclosed a 38% increase in revenue year-on-year, reaching $961.6 million. Additionally, the company's net income more than doubled to $139.4 million, with cash and equivalents recorded at $3.25 billion.
WATCH: SoFi CEO discusses the launch of crypto trading.