SoFi's stock drops on $1.5 billion share sale announcement

Core Viewpoint - SoFi announced a $1.5 billion stock offering, leading to a nearly 6% drop in its share price during extended trading, despite significant growth in market capitalization and stock price over the past year [1][2]. Group 1: Stock Offering Details - The proceeds from the stock offering will be used for general corporate purposes, including enhancing capital position, increasing optionality, improving capital management efficiency, and funding growth opportunities [2]. - The stock offering follows a period where SoFi's market cap nearly doubled in 2025, with the stock price increasing more than sixfold since the end of 2022 [2]. Group 2: Financial Performance - In its third-quarter earnings report, SoFi reported a revenue growth of 38% year-over-year, reaching $961.6 million, while net income more than doubled to $139.4 million [3]. - The company holds cash and equivalents amounting to $3.25 billion [3].