SoFi Technologies reports 40% revenue growth and record loan originations but sees shares drop amid broader market sentiment.
SoFi Technologies (NASDAQ: SOFI) reported second-quarter adjusted net revenue of $1.2 billion, up 40% year over year, alongside record loan originations of $14.8 billion. Adjusted EBITDA rose 44% to $358 million, while adjusted EPS increased 50% to $0.12.
The neobank added 1.1 million new customers, a 35% increase, and 2.2 million new products, reflecting a 42% growth in cross-sell activity. Despite strong fundamentals, SoFi’s stock fell 13% following the release, continuing a trend of market skepticism.
Management attributed the growth to its cross-buy strategy, which accelerated to 51%, positioning SoFi as a one-stop digital banking platform.