Why SoFi Stock Skyrocketed 55% in 2024
Shares of online bank SoFi Technologies (NASDAQ: SOFI) soared 55% in 2024, according to data provided by S&P Global Market Intelligence. The company reported positive net income every quarter, grew its platform in multiple ways, and successfully managed through high interest rates.
SoFi is an all-digital bank that's adding members and revenue at a fast rate. Its stock exploded when it first went public a few years ago as part of the craze for special purpose acquisition companies (SPACs) and then tumbled in the bear market that followed. But now it's proving itself as a bank with staying power, and its stock is following.
Revenue increased 30% year over year in the third quarter, and that was an acceleration. It added 756,000 members in the quarter, a 35% increase over last year, for a total of 9.4 million. Net income was $58 million after a $277 million loss last year, and the 2023 third quarter was the last quarter that it reported a net loss.
Source Fool.com
