SoFi Technologies (SOFI) stock is experiencing a rise today, driven by a combination of strong recent performance and positive market sentiment. The fintech company has been in the spotlight due to its impressive third-quarter earnings, which showcased a 30% year-over-year increase in revenue and a net income of $61 million. This marked its fourth consecutive quarter of GAAP profitability, bolstering investor confidence. Additionally, SoFi's membership growth has been robust, with the company adding over 756,000 new members in the quarter, bringing the total to 9.4 million, a 35% increase y/y. The company's diversified revenue streams, including a 19% increase in lending products and a 33% growth in financial services products, have further fueled optimism.
The current price of SoFi Technologies (SOFI) is $16.45, reflecting a 2.08% increase from its previous close of $16.12.