SoFi Technologies (SOFI 6.57%) closed at $22.40, gaining 6.6% on Tuesday, July 29, following the morning release of a robust second-quarter earnings report that exceeded Wall Street expectations. The fintech platform reported Q2 revenue of $858 million, representing 44% year-over-year growth, while delivering earnings per share of $0.08 that topped consensus estimates. Net income surged to $97 million, and management raised full-year guidance to $3.375 billion in revenue with $0.31 EPS, underscoring the company's accelerating profitability trajectory.
SoFi outperformed broader markets, which declined on the session with the S&P 500 falling 0.3% and the Nasdaq Composite dropping 0.38%. Among fintech peers, the performance diverged notably: Affirm Holdings (AFRM 0.67%) posted a modest 0.67% gain to $67.96, while Robinhood Markets (HOOD -3.25%) declined 3.23% to $103.32, highlighting investor enthusiasm specific to SoFi's earnings results rather than broad-based fintech momentum.
The stock traded on exceptional volume of approximately 222 million shares, approximately 3.5 times its 200-day average. This heightened trading activity and technical breakout near new highs underscored strong investor conviction following SoFi's earnings beat, raised guidance, and accelerated growth in personal lending and digital banking services.
