- SoFi posted a record-breaking quarter, most notably adding a rec
- ord number of new Members.
- All three lending segments are back in growth mode.
- All three business segments are now profitable.
- The numbers speak for themselves — SoFi is well underway to be a top 10 bank.
- Despite the 80% rally year-to-date, shares remain undervalued.
SoFi Technologies, Inc. (SOFI) recently reported a record-breaking quarter, achieving exceptional results in all three of its business segments and achieving profitability across the board. The highlights of the article are as follows:
- SoFi added a record number of new members and products in a single quarter, indicating strong customer acquisition and growth.
- Q3 Revenue and Adjusted Revenue both grew by 27%, reaching $537 million and $531 million, respectively, setting new records for the 10th consecutive quarter.
- All three of SoFi's lending segments experienced growth, with the Lending segment growing 16% to $349 million in Q3, driven by higher loan balances and net interest margins.
- SoFi's Tech Platform posted $90 million of Revenue in Q3, with expectations for further acceleration as more clients adopt its products.
- The Financial Services segment reported Q3 Revenue of $118 million, marking its fifth consecutive quarter of triple-digit growth, driven by member growth, product growth, and improved monetization.
- SoFi's balance sheet showed strong performance, with healthy loan portfolios and a cash position that allows the company to fund its loans at a relatively lower cost.
The overall outlook for SoFi is positive, with strong financial performance, potential for continued growth, and an optimistic valuation, indicating a promising future for the company.
