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SoFi is a company that I have been buying shares of for quite awhile. I really like this company, and I use this company myself. Their stock has risen by over 60% since the beginning of the year. A lot of that is due to their latest quarterly report where they beat expectations.
In the fourth quarter of 2022, SoFi brought in $440 million in revenue beating the consensus estimate of $425.84 million. This is because of huge growth on their services.
Most of their revenue came from their lending business. This accounted for around $330 million of their revenue. While the company was hurt from student loan extensions and possible forgiveness, personal loans have increased quite dramatically. Also, many people have taken more than one loan out through SoFi. This is great news for the company as they are able to make more money off of the same customer.
SoFi has also expanded the amount of members that they have to 5.2 million. This is a 51% year over year gain in members. This is what I care about the most as an investor in this company. The fact that the company is still rapidly growing the amount of people using their platform is great news.
SoFi's banking numbers were also a standout in their quarterly report. They now have 2.2 million accounts on SoFi money which is their checking and savings account. I see a lot of potential here so I am very happy with this growth.
I see a lot of potential with this company, and I am very happy with this quarterly report. The company is seeking to become profitable this year which I would be happy to see.
Even with the increase in share price, I'm not planning to sell any shares. I want to own more of this company not less, so I plan to keep accumulating shares.
Check out our finance themed marketing page featuring a number of products and services to help one with their finances. Some of these even being from SoFi