SoFi lifts revenue forecast as costs weigh on margins, shares slide
SoFi Technologies reported strong Q2 revenue growth (adjusted net revenue up 40% to a record $1.21 billion, ahead of estimates) with adjusted EPS of $0.12, as membership and products rose sharply. Net interest income climbed 52% to $788.2 million, but margins declined as costs grew, with Financial Services contribution margin down 600 basis points and Technology Platform revenue down 23% year over year. Lending originations hit a record $14.8 billion and deposits rose to $45.5 billion. The company raised full-year adjusted net revenue guidance to $4.75–$4.85 billion while keeping EBITDA, net income, and EPS guidance essentially unchanged. The stock fell about 4% in premarket trading.
