Shares of SoFi Technologies rose more than 13% after the digital financial services provider issued an optimistic growth forecast. Third-quarter adjusted net revenue surged 44% to $1.4 billion, members grew 35% to 17.1 million, financial products rose 44% to 26.7 million, and adjusted net income soared 74% to $243 million. SoFi expects full-year 2026 adjusted net revenue to grow 40% to $5.04 billion, with net income of $840 million and EPS of $0.61, and sees adjusted net revenue of $6.4 billion and EPS of $0.90 in 2027. CEO Anthony Noto said the company is adding more members and products to create long-term shareholder value.
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SoFi stock once dropped 82% before soaring 650% about three years later to reach new highs, but it now sits 54% below that peak after just a few months. Q2 adjusted net revenue rose 40% year over year to $1.2 billion, EPS increased from $0.08 to $0.12, and the company added 1.1 million members (up 35%) and 2.2 million products (up 42%), with 51% of new products coming from existing customers. Tech Platform sales keep declining after the loss of a major customer, and management did not raise net income guidance even though it raised revenue guidance. The stock trades at a P/E of 31 and a price-to-book ratio of 1.7, and it faces competition from legacy banks and digital rivals such as Ally, Happen and Nu Holdings. The author thinks SoFi could return to its previous highs but it may take time, and the stock could move when it reports earnings on Tuesday.
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