SoFi Technologies reported second-quarter results with adjusted net revenue soaring 40% year over year to $1.2 billion and adjusted earnings per share rising 50% to $0.12, yet the stock fell 13%. The neobank added 1.1 million new members, a 35% increase, and saw product growth of 42% with 2.2 million new products, as its cross-sell strategy drove two new products for every new member. Record loan originations reached $14.8 billion, up 69%, and adjusted EBITDA rose 44% to $358 million. Despite raising full-year revenue guidance, management kept profit outlook steady, citing anticipated rate hikes and reinvestment, which disappointed investors.
SoFi Technologies Inc.Record revenue and profits but stock fell 13% due to unchanged profit outlook and anticipated rate hikes.