1 Clear Bright Spot in SoFi's Q2 Earnings Report
SoFi Technologies (NASDAQ: SOFI), a one-stop fintech platform that seeks to meet all of the financial needs of high-income earners, recently reported second-quarter earnings results that disappointed the market. SoFi beat on revenue but missed earnings-per-share estimates, and the stock is down roughly 19% since the Aug. 12 release.
While it wasn't a blowout quarter by any means, SoFi continued to make progress on its overall strategic vision and still shows great promise. In particular, the clear bright spot in the quarter came from the performance of SoFi's growing financial services division.
SoFi has three main business lines. First there's the lending division, which covers student loans, refinancing student loans, and personal loans and home mortgages. Then there's financial services, which includes cash management accounts, credit cards, the online brokerage, and a slew of other products and offerings. Last is the technology platform, which represents the company's 2020 acquisition of Galileo, a fintech that helps other fintechs carry out front-end and back-end functions such as account setup, account funding, and direct deposit, among other things.
Source Fool.com
