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Yahoo Finance Live’s Brian Sozzi discusses how SoFi Technologies stock is performing after beating Q2 revenue estimates.
BRIAN SOZZI: One stock we continue to watch on the Yahoo Finance platform is SoFi after a report that checked a lot of boxes for the bulls. SoFi added 450,000 new members to its platform in the second quarter. It saw sales rise 51% and marked an eighth straight quarter of positive operating profit.
Said Citi analysts on this report, while the company cited background macroeconomic concerns as the reason it raised full year expectations by less than its earnings beat, the trend line in terms of new member growth, new product growth, incremental evidence of product penetration in the member base, and the fact we are quite early in the progress of using the company's bank charter to grow financial services and lending businesses are all factors that suggest the outlook is beatable.
Wow, big mouthful from the folks over at Citi. All in all, they're out there reiterating their buy rating on shares of SoFi. Seeing the stock up close to 23%.