Despite exceeding analysts' expectations in its second-quarter performance, shares of SoFi Technologies (SOFI) experienced a slight decline in trading. SoFi Technologies reported earnings of $0.01 per share for Q2, marking a significant improvement from the loss of $0.06 per share in the same period last year. The company's total net revenues rose by 20% year-over-year to $598.6 million, surpassing analysts' estimates of $565.5 million. Additionally, SoFi welcomed 643,000 new members during the quarter, leading to a total membership of almost 8.8 million by the end of Q2, representing a 41% increase compared to the previous year.

CEO of SoFi Technologies, Anthony Noto, highlighted the growth of the Financial Services and Tech Platform segments, which now contribute 45% of SoFi's adjusted net revenue, up from 38% a year ago and 32% two years ago. These segments reported a combined revenue growth of 46% year-over-year in Q2. Looking ahead, the company foresees adjusted revenue between $625 million to $645 million with earnings of $0.04 per share. For FY24, SoFi projects adjusted net revenues ranging from $2.43 billion to $2.46 billion, along with earnings per share between $0.09 and $0.10. This revised guidance marks the second time this year that SoFi has raised its forecasts.

Analysts currently maintain a Hold consensus rating on SOFI stock, with four Buys, nine Holds, and three Sells. Despite a decline of over 30% in the past year, the average price target for SOFI stands at $8.15, suggesting a potential upside of 12.6% from current levels. As a result of the recent financial results, these analyst ratings are expected to undergo revisions in the near future.