SoFi’s shares slid sharply Wednesday after the company reported a strong second quarter but left profit guidance unchanged. The stock fell nearly 6% in pre-market trading, adding to a 0.8% dip the previous day.
The fintech giant announced $1.2 billion in adjusted net revenue for Q2, a 40% jump year-over-year, and raised its full-year revenue forecast to $4.75 billion $4.85 billion, surpassing analysts' $4.7 billion estimate.
Despite this solid top-line growth, SoFi kept its adjusted EBITDA and earnings-per-share guidance steady at about $1.6 billion and $0.60 respectively which didn't satisfy investors hoping for a broader revision after impressive quarterly numbers.
Adjusted EPS came in at $0.12, beating the $0.11 consensus and doubling last year’s figure. GAAP net income climbed to $156.6 million from $97.3 million, while net interest income surged 52% to $788.2 million.
The company’s member base expanded by 1.1 million last quarter, now totaling 15.8 million users, a 35% increase from last year. Loan originations also accelerated, rising 69% to $14.8 billion.
Record personal loan originations hit $10.7 billion, and student loan originations reached $2.7 billion. Home loans contributed about $1.4 billion.
The lending segment’s adjusted net revenue climbed 59% to $711.7 million, while financial services revenue grew 29% to $466.3 million. However, technology platform revenue dropped 23% to $84.5 million due to losing a major client before 2025.
Customer engagement strengthened, with returning members opening 51% of new products compared to 43% previously.
This is an informational update and not financial advice.
