Is SoFi Stock a Buy?
For the three-month period ended June 30, SoFi Technologies (NASDAQ: SOFI) posted net revenue of $498 million, up 37% year over year, with a net loss of $48 million that showed a major improvement compared to the second quarter of 2022. This better-than-expected performance sent the stock soaring more than 20% immediately after the announcement, as investors cheered the news.
With the shares up more than 100% in 2023 and coming off a positive earnings report, is SoFi stock a buy right now? Let's take a closer look at this popular fintech stock.
SoFi's headline numbers were certainly impressive. Revenue growth was driven by a member base that increased by 44% to 6.2 million. The business added 847,000 new products in the period, with the active total now at 9.4 million. This means that the average SoFi customer uses about 1 1/2 different products. The hope is that even as the membership base expands, SoFi can take advantage of cross-selling opportunities to boost its revenue.
Source Fool.com
