"SoFi's adjusted net revenue hit a record $1.013 billion, up 37% year-over-year, marking the first time quarterly revenue crossed $1 billion."
"GAAP net income totaled $174 million, delivering a 17% margin and marked the ninth straight profitable quarter, showcasing the company's financial strength."
SoFi Technologies experienced a significant stock decline of 51.57% from its 52-week high, trading at $15.85 per share. This drop was not due to weak performance, as the company reported its first $1 billion revenue quarter and strong growth metrics. Broader fintech sector fatigue and rising personal-loan charge-offs contributed to the selloff. Despite the downturn, SoFi's business is accelerating, with record earnings and strategic expansions making it an attractive investment opportunity.
Read at 24/7 Wall St.
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