SoFi Technologies Inc. (SOFI) shares tumbled 5.02% in pre-market trading on Wednesday, even after the digital financial services company reported second-quarter results that surpassed analyst expectations and raised its full-year revenue forecast. The post-earnings sell-off underscores persistent Wall Street skepticism toward the stock, which has been under pressure from a short-seller report and mixed segment performance.

SoFi posted adjusted earnings of 12 cents per share, beating the consensus estimate of 11 cents, while adjusted net revenue jumped 40% to a record $1.2 billion. The company also lifted its 2026 adjusted net revenue guidance to a range of $4.75 billion to $4.85 billion, up from a prior forecast of $4.66 billion. However, the market appeared to fixate on a 23% decline in revenue from the Technology Platform segment, which SoFi attributed to the exit of a large client before the end of last year. The unit’s weakness overshadowed robust growth in the Lending and Financial Services divisions.

Adding to the negative sentiment, SoFi stock has been under a cloud since short seller Muddy Waters Research released a report in mid-March accusing the company of accounting manipulation. Although SoFi dismissed the claims as “factually inaccurate and misleading,” the allegations have continued to weigh on shares, contributing to a 36% decline in 2026 heading into the session. The pre-market drop suggests that investors remain cautious, even as the company delivers record member growth and consistent profitability.