SoFi Technologies reports record revenue amid guidance shifts

SoFi Technologies reported record second-quarter results, including revenue growth of 40% to $1.2 billion and a net income of $157 million. The company's membership grew by 35% over the past year to 15.8 million, while its cross-buy rate increased from 35% to 51%.

Despite these metrics, the company's stock experienced volatility. While management raised full-year revenue guidance, they held steady on adjusted EBITDA and earnings per share (EPS) guidance, citing increased spending on growth initiatives.

In terms of institutional activity, Raiffeisen Bank International AG significantly increased its position in SoFi by 3,383.5% during the second quarter, bringing its total holdings to 44,380 shares. Additionally, SoFi has expanded its digital-asset infrastructure through a partnership with Payward, the parent company of Kraken.