SOFI Earnings Results

Strong results. 37% YoY Rev growth. 44% YoY member growth.
Stock is up 18% currently for the day.
Stock is up 145% currently for the year.
13% of shares outstanding are (were) short.

Below is a snapshot from a tweet by Brad Freeman. I think he used to be a MF contributor, so hopefully he is ok to reference for content. Brad does great writeups and I will link here later when he publishes his full (free) writeup for this ER.

Congrats to SOFI longs.
Long SOFI - 2%.
CRWD, SOFI, UPST, and DOCN are all roughly equal for me around 2%.
TMDX 6%, TTD 4.3%, NET 2.7% are my 3 largest growth stock positions.


As promised above, here is the link to the extensive summary by Brad Freeman on the latest ER. I’m not going to try to summarize it because if people are interested I want them to go to Brad’s site themselves. He has been a long time fan of this company.


Hi AnalogKid70

Thanks for raising this, I was going to post on SoFi today too. I thought the results this quarter were outstanding. In addition to top and bottom line beats on results and guides, the underlying drivers of the business from # of new customers and # of products sold to unsecured lending and direct deposits were all outstanding.

The high level long term story here is that SoFi is on a journey from being a student loan refinancing company towards an ambition of becoming a top 10 financial services player, (stated goal measured in market cap) with both a retail fintech play and B2B Banking as a Service technology play. Essentially the suspension of student loans that dried up its core customer acquisition and refinancing loan origination opportunity has been the making of SoFi as it innovated and acquired its platform and financial offerings to becoming a broad based full service fintech play.

The short term value outing opportunity here is i) the resumption of student loans and the refinancing opportunity involving 40m US student loan holders impacting September onwards and ii) the Q4 growth resumption of the technology and BaaS business as the pivot to a larger player focus from a start up focus in 2022/23 becomes a YoY favourable compare.

For those who look for outstanding leaders as an investment criteria - Anthony Noto is the key man here and a class talent having had a top tier career as well as a military leadership background.

I got into SoFi early after the IPO before the share price rose into the $20s and topped up again twice below $10 in the last year. I currently hold a 2%+ position and feel there is still an awful lot of value yet to be created here and the growth seems high and durable with GAAP profitability due from Q4. Previously there had been a huge level of dissatisfaction with the levels of SBC but that seems to be coming under control and less of a burning issue for followers these days.


Results were out here:

Presentation here:

Transcript here:

Some articles and commentary:


I echo what Ant said about Anthony Noto. The more I see and hear from him, the more impressed I am. High quality leader.

I will also say again how much I like the banking product. I initially started investing in them because I tried the banking product and loved it so much.

The stock has quickly become a core holding for me.


I don’t own or track SOFI but I notice the report does mention record growth in personal loans. SOFI uses PGY for a portion of its loans, and I’m not sure what % of PGY revenue comes from SOFI, but I know their piece of the loan originations pie is growing with their partners per PGY last report. I wonder if this hints at a positive numbers for PGY in a couple weeks?