SoFi Technologies reports record revenue and profit growth

SoFi Technologies reported strong second-quarter financial results, highlighted by a 65% year-over-year increase in adjusted net income to $160 million. This performance represents a net profit margin of 13%. The company's revenue reached a quarterly record of $1.2 billion, driven largely by customer growth. SoFi added 1.1 million new customers during the quarter, bringing its total customer base to 15.8 million.

Institutional interest in the fintech company remains active. Diversify Advisory Services LLC acquired a new stake of approximately 1.1 million shares, valued at roughly $19.38 million. Other significant moves include Vanguard Group Inc. increasing its holdings to over 111 million shares, and new positions taken by the Alberta Investment Management Corp and the North Dakota State Investment Board. Currently, hedge funds and other institutional investors hold 38.43% of the company's stock.