By Manya Saini
July 29 (Reuters) – SoFi’s unchanged 2026 profit outlook on Wednesday overshadowed a raise in the fintech’s revenue growth forecast that topped Wall Street expectations and a market-beating second quarter, sending its shares down 9% in early trading.
Investors have grown less willing to reward growth alone, and are instead looking for evidence that companies can sustain rapid expansion while delivering improving profitability.
Analysts at TD Cowen said the earnings beat was “tempered by the fact that the company maintained full-year EPS guidance.” SoFi reaffirmed its 2026 adjusted profit forecast of 60 cents per share.
While the profit forecast was maintained, SoFi raised its full-year revenue targets to $4.75 billion to $4.85 billion, compared with analysts’ average expectation of $4.7 billion, according to estimates compiled by LSEG.
“We’re seeing our members remain resilient in the current climate. Spending remains strong, demand remains strong, and credit performance continues to meet or exceed our expectations,” CEO Anthony Noto told Reuters.
Fintech firms such as SoFi have emerged as credible challengers to traditional banking heavyweights. A wider range of product offerings and the use of digital-first platforms have helped them attract and retain customers.
SoFi’s second-quarter total loan originations hit a record $14.8 billion and member growth surged 35% to a record 15.8 million.
Its adjusted revenue surged 40% to a record $1.2 billion in the quarter ended June 30, beating estimates of $1.12 billion.
The company, which evolved from a student loan refinancing startup into a broad financial services platform, said its net interest income grew 52% year-over-year to $788.2 million.
“We can generate durable net interest income by holding loans on our balance sheet, and we can also grow capital-light, fee-based businesses. Both are working, and that diversification gives me a lot of confidence,” Noto said.
Adjusted quarterly profit per share came in at 12 cents, up 50% from a year earlier, and beat expectations of 11 cents.
(Reporting by Manya Saini in Bengaluru; Editing by Shinjini Ganguli)
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