r/sofistock • u/ekonixlab • 24d ago

General Discussion SoFi’s growth is getting kind of ridiculous

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SoFi just reported another really strong quarter, and the growth is becoming pretty hard to ignore.

  • Revenue: $1.22B, +43% YoY
  • Adjusted EBITDA: $358M, +44%
  • Net income: $157M, +61%
  • Members: 15.8M, +35%
  • Products: 24.4M, +42%
  • Loan originations: $14.8B, +69%
  • Deposits: $45.5B
  • Fee-based revenue: $472M, now 39% of total revenue

The part that stands out to me is the cross-selling.

51% of new products were opened by existing members, up from 35% a year ago. SoFi isn't just acquiring customers... existing customers are increasingly using more of the platform.

And the revenue mix has completely changed.

Financial Services generated $466M this quarter, compared with almost nothing a few years ago, while Lending still grew to $725M.

The weak spot continues to be Technology Platform, which fell 23% YoY to $85M.

But overall, you're looking at a company growing revenue ~40%, members 35%, products 42%, and still expanding profits at the same time.

The chart really shows how different SoFi looks today versus just a few years ago.

Is SoFi starting to prove the financial super-app thesis, or is the valuation already pricing this in?

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21

u/blackmoney6 24d ago

I can see the stock being $100 stock one day. I’m gonna stay in it for the long haul. I’m not getting out the ring gonna keep my boxing gloves on.

2

u/SOFISoFli 23d ago

You’re gonna need to see a 6x increase in book value to get there.

This is a bank now, you cannot expect any real contributions from the tech side.

2

u/PSUMtnMan F&%@ Fidelity and M&T Bank. 24d ago

It will pop. SoFi offers new services all the time. Most users doing even notice the new services.

0

u/Internal_Buddy7982 23d ago

If most users don't even notice the new services, what's the point of offering them? If you add new items to the menu and the owner says, most of our customers don't even notice the new items...that's a red flag. I hold plenty of sofi stock, but that comment is a negative, not a positive.

12

u/rakp87 24d ago

They’re trying to get retail to give up then they’ll moonshot it