Why SoFi Technologies Stock Skyrocketed 37% in July
Shares of SoFi Technologies (NASDAQ: SOFI) climbed 37% in July, according to data provided by S&P Global Market Intelligence, after the fintech and banking company announced strong second-quarter 2023 results and raised its full-year outlook.
To be sure, SoFi rallied both leading up to and following its impressive Q2 report on July 31. As for its headline numbers, SoFi's adjusted quarterly revenue rose 37% year over year to $488.8 million, trouncing estimates for $476 million. The banking services and fintech stock also halved its generally accepted accounting principles (GAAP) net loss to $0.06 per share in Q2, beating estimates calling for a wider loss of $0.07 per share.
SoFi bolstered its member count by 44% year over year to 6.2 million, including a company-record 584,000 new members this quarter, while products rose 43% to over 9.4 million. Deposits at the company's SoFi Bank subsidiary also soared 26% sequentially this quarter, to $12.7 billion.
Source Fool.com
