SoFi’s Q2 earnings shattered records with record-breaking revenue and a 61% jump in net income—but investors are pulling back as the stock tumbles 8%. While CEO Anthony Noto calls it an “exceptional quarter,” soaring lending—up 69% year-over-year, fueled by self-funded loans—has raised red flags. Personal and student loans surged, deposits grew, and even the charge-off rate improved. Yet ballooning sales and marketing costs (up 48%) and rising risk from aggressive lending have shaken confidence. With the Fed possibly raising rates and the stock down from its October peak, SoFi’s growth strategy is under fire.
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