SoFi Technologies’ sales surged, with earnings per share up 700% in Q2. Management raised 2025 guidance and expects to add 3 million new members this year. Economic downturns could hinder growth. Financial services companies like SoFi have benefitted from a strong economy and consumer spending. SoFi’s stock has seen significant gains, but is it still worth buying under $30?

In Q2, SoFi’s revenue rose 44% to $858 million, with earnings up 700% to $0.08 per share. The company added 850,000 new members, pushing total members to 11.7 million. Management raised full-year guidance to $3.38 billion in sales and $370 million in net income, estimating 3 million new members in 2025.

SoFi’s rapid growth is impressive, but its stock is relatively expensive with a P/E ratio of 52. Economic indicators like slow job growth could impact the company. SoFi relies on a strong economy and member spending. Delinquency rates and charge-offs are important indicators of financial health.

Investing in SoFi could be a good long-term decision, but the stock is pricey. Economic turbulence could affect the company and its members. SoFi has shown strong performance, but past gains may not continue. The Motley Fool’s Stock Advisor team has identified 10 top stocks for investors to consider, excluding SoFi Technologies.

Considerations before buying SoFi stock: The Motley Fool has no position in SoFi Technologies. The author, Chris Neiger, also has no position in any mentioned stocks. The Motley Fool has a disclosure policy. “Should You Buy SoFi While It’s Below $30?” was originally published by The Motley Fool.

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