SoFi Technologies shares declined on Wednesday after the company reported a 40% jump in adjusted net revenue.
SoFi Technologies reported a 40% year-over-year increase in adjusted net revenue to $1.2 billion for the second quarter. Despite this growth, shares of SoFi Technologies declined on Wednesday as the company fell short of high investor expectations. Anthony Noto, the CEO of SoFi Technologies, noted that the company added 1.1 million new members during the quarter, bringing the total to 15.8 million. The company also saw record product additions, reaching 24.4 million total products, which represents a 42% increase. While the company boosted its full-year adjusted net revenue forecast to between $4.75 billion and $4.85 billion, a 23% decline in technology platform revenue to $85 million was noted as a blemish. Management attributed this decline to the loss of a large client in late 2025. Investors remained unsatisfied with the stock price due to the high market expectations for the company's performance.