SoFi Technologies reported second-quarter results with record revenue and profits, yet its stock dropped 13%. Adjusted net revenue increased 40% year over year to $1.2 billion, adjusted EBITDA rose 44% to $358 million, and adjusted earnings per share rose 50% to $0.12. The company added 1.1 million new members, up 35%, and saw product growth of 42% with 2.2 million new products, while cross-buy accelerated to 51%. Management raised the full-year revenue outlook but kept the profit outlook steady, citing anticipated rate hikes and reinvestment into the business.
SoFi Technologies Inc.Record revenue and profits but stock fell 13% on steady profit outlook and reinvestment plans
NVIDIA Corporation