SoFi Technologies Inc. (SOFI) experienced a significant pre-market decline of 9.11% on Wednesday, as investors took profits following a substantial rally and adopted a cautious stance ahead of the company's quarterly earnings release.

The fintech company reported strong first-quarter results, with adjusted net revenue of $1.09 billion beating estimates of $1.05 billion, and adjusted EPS of $0.12 meeting expectations. SoFi also achieved record net revenue of $1.1 billion, record member growth of 35% to 14.7 million members, and net income of $167 million.

Despite these positive financial metrics, the stock faced heavy selling pressure due to profit-taking after accumulating significant short-term gains, with its April rally exceeding 22% at one point. Institutional investors turned notably cautious ahead of the earnings release, while broader weakness in the consumer finance sector further weighed on the stock price.