Key Points

  • More people are turning to the "everything app" for their financial needs.

  • The market apparently wanted even more growth than SoFi delivered.

  • 10 stocks we like better than SoFi Technologies ›

Shares of SoFi Technologies (NASDAQ: SOFI) declined on Wednesday after the digital financial services provider fell short of investors' lofty expectations.

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Serving more people

SoFi added 1.1 million new members during the second quarter. That brought its total to 15.8 million by quarter's end, representing a 35% year-over-year gain.

The fintech provider saw its products -- individual financial accounts or offerings -- grow at an even faster pace than new members, with a record 2.2 million product additions in the quarter. That brought its total to 24.4 million products, up 42%.

"For the first time, we added twice as many products as members, a major milestone that underscores the trust members place in SoFi and the power of our everything app," CEO Anthony Noto said.

All told, SoFi's adjusted net revenue jumped 40% to $1.2 billion. The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), in turn, increased 44% to $358 million.

Raised guidance

Additionally, SoFi boosted its full-year adjusted net revenue forecast to $4.75 billion to $4.85 billion, signifying growth of 32% to 35%. Management also reaffirmed its guidance for adjusted EBITDA of $1.6 billion and net income of $825 million, or $0.60 per share.

If there was one blemish on Sofi's otherwise solid Q2 report, it was a 23% decline in technology platform revenue to $85 million, which management attributed to the loss of a large client in late 2025.

But overall, the downturn in Sofi's share price was likely due to the sky-high expectations the market has for its performance -- and the difficulty in meeting them.

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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.