SoFi Technologies is a leading online bank experiencing soaring earnings and expected growth.
Consumer banking is rapidly changing with the rise of digital-only financial services operated through smartphones. SoFi Technologies is a leading online bank with close to 11 million users and soaring earnings. It offers high-yield savings accounts, attracting major deposit inflows and expanding its financial services products to become a one-stop shop for personal finance needs.
SoFi’s revenue and net earnings have surged due to new products, with adjusted net revenue growing 33% year over year. The company’s platform generates over $100 million in revenue, and it has achieved profitability with $71 million in net income last quarter. With increasing scale, SoFi is expected to see significant operating leverage and improved profit margins.
As SoFi continues to grow and expand its product offerings, it aims to become a key player in personal finance. By leveraging its fixed cost base, the company could see substantial earnings growth, potentially reaching annual net income of $2 billion to $3 billion. With a market cap of $20 billion, SoFi remains an attractive investment opportunity despite its recent stock price surge.
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Read more at Yahoo Finance: Is SoFi Technologies Stock a Millionaire Maker?