SoFi’s share price barely budges despite fantastic Q2
The post SoFi’s share price barely budges despite fantastic Q2 appeared on BitcoinEthereumNews.com.
SoFi bests Wall Street on top and bottom lines, beats revenue figure by $30 million. Guidance raised for full year on profitability and revenue. SOFI stock can’t hold onto gains despite positive quarter. Broad tech downtrend sucks SOFI stock lower. SoFi Technologies’ (SOFI) second quarter was an unmitigated success. In nearly every category and line item, the neo bank looked solid with increased profitability and a healthy growth rate. Initially, SOFI stock sailed up 8.5% on the news on Tuesday, but traders quickly took profits and shares sailed back down to a slight loss before lunchtime. Shares were down more than 2% at the time of writing. There is some uneasiness among tech stocks as CrowdStrike (CRWD), Nvidia (NVDA) and Super Micro Computer (SMCI) continue to lose ground, and some of that general depression is seeping into the minds of SOFI traders. Microsoft (MSFT), Advanced Micro Devices (AMD) and Starbucks (SBUX) post results after the close on Tuesday. SoFi Technologies earnings news Wall Street had been expecting SoFi to break even in the second quarter as the personal banking solution focuses its strategy on breakneck growth. But the analysts were proved wrong when the firm run by CEO Anthony Noto reported $0.01 in GAAP earnings per share (EPS). Revenue rose 22% YoY to $597 million, beating the analyst consensus by an impressive $30 million. Assets under management rose 58% YoY, and net interest income jumped 42% from a year prior to $412.6 million. “Our Financial Services and Tech Platform segments now make up a record 45% of SoFi’s adjusted net revenue, up from 38% a year ago and 32% two years ago,” CEO Anthony Noto said in a statement. “In the second quarter, these businesses grew revenue by a combined 46% [annually].” The company added 643K new customers in…
Filed under: News - @ July 31, 2024 1:24 am