Despite the tough macro environment, this "bank stock" performs flawlessly.
SoFi Technologies, Inc. reported strong Q3 earnings, beating revenue and EPS estimates, and raised its guidance for the year, indicating continued operational progress. Revenue growth was driven by the Financial Services and Tech Platforms segments, with Financial Services revenue up 102%, showcasing excellent scalability and efficient operations. Despite a 35% increase in member count, revenue per member declined slightly, but overall business growth remains strong with tight cost controls and innovative offerings.
The financial services company is growing in all the right places in 2024.
SoFi's personal-lending segment saw record originations in the third quarter.
Sentiment around SoFi stock has certainly changed in recent weeks.
Shares of the digital bank are up 44% just in October.
SoFi Technologies stock has recently outperformed the market and its sector peers, spurring increased optimism. Investors have likely baked in a robust Q3 report and strong guidance for 2025. However, SOFI has suffered from significant volatility over the past year as the company must justify whether its business model is sustainable.
SoFi is down 62% from its peak. Here's why it could be a good buy today.
SoFi Technologies, Inc. (SOFI) concluded the recent trading session at $10.99, signifying a +0.55% move from its prior day's close.
The fintech is scheduled to file quarterly earnings on Oct. 29.
LendingClub's improving delinquency trends suggest SoFi could see similar dynamics, an analyst says.