2024 has been another painful year for SoFi Technologies (NASDAQ: SOFI) investors. The financial services app is down around 20% and now off 71% from all-time highs set in 2021. All the while the S 500 index and market indices are soaring. Banks and lenders have struggled in recent years as the Federal Reserve raised interest rates at one of its fastest paces in history, presenting a headwind to these businesses.

SoFi just reported earnings for the second quarter. Membership keeps growing quickly, but the stock still remains stuck in the mud. What is going on with SoFi Technologies? Can it get the stock turned around over the next few years?

Let's take a deeper dive into this earnings report and find out.

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Source Fool.com