Shares of fintech Chime Financial (CHYM -14.69%) fell on Friday, down 11.9% as of 12:00 PM EDT.

Chime is a newly public fintech that had its initial public offering back on June 12. The stock garnered an enthusiastic response, jumping nearly 60% in its first few minutes of trading that day.

But the stock has come off the boil since then, and while last night's earnings release showed impressive results, they weren't enough for investors that had already bid up the stock.

Chime's first earnings report was strong

In the second quarter, Chime saw revenue grow 37% to $528 million, including 19% payments revenue growth and 113% growth in platform-related revenue. Platform revenue comes from extra products and services Chime offers beyond its main transaction revenue, including financial management tools, access to liquidity, and ATMs.

Chime did have a massive $923 million net loss, but that was due to a one-time stock-based compensation expense associated with its IPO. Absent that, Chime would have made a $5 million profit on $16 million of adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization).

Management also gave full-year guidance that was above analyst expectations, forecasting 2025 revenue between $2.135 billion and $2.155 billion and adjusted EBITDA between $84 million and $94 million, good for a 4% EBITDA margin. The consensus estimates for the year were for $2.105 billion and $71 million, respectively.

Image source: Getty Images.

But the impressive results weren't enough for Wall Street

Basically, there wasn't too much wrong with Chime's earnings, except for the fact the stock had already rallied on the post-IPO enthusiasm. Even after today's drop, shares trade at 5 times this year's revenue guidance and over 110 times this year's EBITDA guidance. That's not a crazy valuation for a high-growth company, but it's also not exactly cheap. Chime will have to keep proving itself, it seems.

That said, last night's earnings report was a strong start to Chime's public life.