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$SOFI - Flywheel in Effect
$SOFI is up a mind-splitting 20% after reporting Q2 earnings this morning.
CEO Anthony Noto said during the conference call that this was the first quarter he felt confident that the SoFi flywheel was in full effect. And the results seem to support this statement;
Revenue: +37% YoY
EPS: (0.06) - compared to (0.12) this time last year
Members: +44% (584K new members, bringing the total to 6.2m)
Total Deposits: +26% with over 90% of SoFi Money deposits coming from direct deposit members with a median FICO score of 747, and with >50% of Money accounts setting up direct deposit within a month of joining.
The Financial Services segment recorded a boggling 223% increase in total net revs YoY.
The Galileo and Technisys platforms also got steady growth (+4%), with several 'durable' new clients signing on to the technology segment.
A pretty solid quarter from SoFi all around, which is clearly starting to feel the effects of their drive to expand customer base and grow brand awareness. The market seems to agree.

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