SoFi Technologies Inc. (NASDAQ:SOFI) reported second-quarter results before the opening bell on Wednesday. Here is a rundown of the report.
- SoFi Technologies shares are sliding. Why are SOFI shares down?
SoFi Technologies Q2 Highlights
SoFi posted second-quarter adjusted earnings of 12 cents per share, beating the consensus estimate of 11 cents per share. The company generated sales of $1.206 billion, exceeding analyst expectations of $1.121 billion. This translated to a record adjusted net revenue of $1.2 billion, representing a 40% year-over-year increase. The company also achieved a record net income of $157 million for the period.
Member and product growth were highlights for the quarter. SoFi added 1.1 million new members, bringing its total to a record 15.8 million, which is up 35% from the prior year. Total products grew 42% to 24.4 million.
“2026 is shaping up to be a defining year, and our second quarter results mark a clear inflection point for SoFi,” said Anthony Noto, CEO of SoFi. “Despite continued market uncertainty, our business model continues to prove its durability”.
Forward Guidance
Management raised its full-year 2026 sales guidance to a range of $4.75 billion to $4.85 billion, up from consensus estimates of $4.7 billion. The company also affirmed its full-year adjusted EPS guidance of 60 cents.
SOFI Shares Slide Wednesday Morning
SOFI Price Action: SoFi Technologies shares were down 5.68% at $15.78 during premarket trading on Wednesday, according to Benzinga Pro data.
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