SoFi Technologies Reports

On Tuesday morning, financial services company Sofi Technologies (SOFI), reported the firm's third quarter financial results. For the three-month period ended September 30th, SoFi Technologies posted a GAAP EPS of $0.05 on revenue of $697.121M. The earnings print beat the street by a penny a share and was good for a fourth consecutive quarter of profitability.

The revenue number beat consensus decisively, beating the firm's own guidance and was good enough for year over year growth of 29.8%. The firm drove record adjusted net revenue growth of nearly 30%, which was generated by a combined 64% rate of growth across the firm's Financial Services and Tech Platform segments.

SoFi Money reached record highs for accounts, total deposits and direct deposit members. Home loans experienced their best quarter since Q2 2022, as home equity loan volume grew 44% and home purchases and refinancing grew 23%. Perhaps most importantly, the firm's on-balance sheet 90-day personal loan delinquency rates decreased to 57 basis points from 64 basis points sequentially.

In the press release, CEO Anthony Noto, whose Army Black Knights are 7-0so far this year, ranked 21st in both polls and will take on Air Force in a CiC game this Saturday, added... "This quarter was the strongest quarter in our history. Our results reflect how SoFi is consistently achieving durable growth, how our innovation and brand building are attracting more members and clients to our platform than ever before, and how we are delivering strong and improving returns."

I still see the falling wedge pattern and the breakout as a bullish ste-up despite this morning's sell-off. I remain long the stock.