51% of SoFi's New Products Last Quarter Went to Existing Members, Up From 35% a Year Ago
The online bank is finally leveraging its existing relationships to a degree it hasn't yet, but even more of the same is on the radar.
Overview
If you want proof that "very good" still isn't always good enough for investors, look no further than the market's response to SoFi Technologies' (NASDAQ: SOFI) second-quarter results. Revenue grew 40% year over year to $1.2 billion, pushing per-share earnings up from $0.08 a year ago to $0.12 this time around, both of which topped estimates of $1.12 billion and $0.11, respectively. Yet, largely because the online bank didn't raise its 2026 profit guidance despite raising its full-year revenue outlook, the stock tanked to the tune of 10% on Wednesday.
The thing is, SoFi reported a seemingly meaningless metric for Q2 that could actually be a pretty big deal for its bottom line in the foreseeable future...even if the company isn't saying as much.
Details
It's not a complicated business. SoFi Technologies offers its customers everything a more traditional brick-and-mortar bank can, including checking, loans, savings, credit cards, investment services, and more. It's just all accessed online. And for much of its existence, most of the company's customers used only one of SoFi's products or services.
Source
Originally published at www.fool.com.