SoFi Technologies Inc Ordinary Shares

SOFI: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$48.00	Nffb	Mbbcmdj

SoFi Earnings: Strong Financial Services Revenue and NIMs Offset Slowing Loan Growth

Michael Miller

Jul 30, 2024

No-moat SoFi Technologies reported decent second-quarter earnings as strong results from its financial services helped offset some of the headwinds from the firm’s more conservative approach to loan origination. Adjusted net revenue increased 22% from last year and 3% from last quarter to $597 million. Meanwhile, diluted EPS increased to $0.01 from a loss of $0.06 last year. As we incorporate these results, we do not expect to materially alter our $13 fair value estimate for SoFi and we see the shares as undervalued.

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