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SoFi is my single largest investment that is not an ETF (exchange traded fund). The stock has performed absolutely amazingly this year increasing 114% in 2023 so far. The company had an amazing 1st quarter this year, and they recently released their second quarter earnings report which was really good as well. Here's the numbers:
SoFi reported $498 million in revenue in Q2 of this year Last year in Q2, they reported $363 million in revenue. This is very large year-over-year growth. Their banking segment is doing really well. They saw total deposit growth of $2.7 billion.
They also added on new users during this quarter. They added 584,000 new users which is a 44% year-over-year increase. They now have a total of 6.2 million users. As an investor, this is what I personally care about the most. The fact that they are increasing users at such a rapid speed is really amazing.
SoFi, as expected, did not turn a profit in this quarter. They are expecting to turn a profit for the first time as a public company in Q4 of this year. I don't really care that they aren't profitable yet as they are experiencing such high growth that I like that they are reinvesting so much into the business.
I'm very happy with this earnings report from SoFi. Their share price is extremely up this year so far which is mostly due to student loans unpausing as they make money from refinancing student loans. I didn't think the stock should have gone up by as much as it did just because of student loans unpausing just as I didn't think that the stock should have fallen by as much as it did last year due to student loans, but I plan to hold this stock for quite some time.
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