SoFi Technologies Inc. (SOFI) shares plummeted 7.44% during Wednesday's trading session, erasing gains from the prior two days, as a second-quarter earnings beat and raised revenue forecast failed to satisfy investors. The decline came despite the company reporting record net revenue and member growth, highlighting the market's focus on a mixed segment performance and cautious profit outlook.

The fintech company posted adjusted earnings of $0.12 per share, topping the consensus estimate of $0.11, while adjusted net revenue surged 40% to $1.2 billion, above the $1.12 billion forecast. SoFi also raised its full-year adjusted net revenue guidance to $4.75 billion to $4.85 billion, surpassing the FactSet estimate of $4.70 billion. However, the company maintained its full-year adjusted EBITDA guidance at approximately $1.6 billion, merely matching market expectations with no upward revision. This triggered profit-taking pressure, especially after the stock had rallied over 6% in the two trading days ahead of the earnings release.

Adding to the negative sentiment, SoFi's Technology Platform segment revenue fell 23% from the prior year, weighed down by the exit of a large client. Lingering concerns from a short-seller report by Muddy Waters Research, which accused the company of accounting manipulation earlier this year, also continued to cast a shadow over the stock. The combination of a flat profit outlook, segment weakness, and cautious investor sentiment overshadowed the strong top-line beat and record member growth of 35% to 15.8 million.