SoFi Technologies (SOFI 6.57%), the San Francisco fintech, soared 14% through 12:50 p.m. ET after beating on the top and bottom lines in its second-quarter earnings report this morning.
Analysts forecast SoFi would earn $0.06 per share on $804.4 million in quarterly sales, but SoFi earned $0.08, and revenue was $858.2 million, or $854.9 million, according to generally accepted accounting principles (GAAP).

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SoFi Q2 earnings
Focusing on the GAAP numbers, SoFi reported 43% revenue growth year over year, and 700% growth in net income. (SoFi earned $0.01 a year ago, but 8 times that this time around.) Management also noted that it has reported positive GAAP profits for seven straight quarters.
The company set a new record for "members" -- customers of its various financial services -- growing 34% to 11.7 million. "Product growth" -- the services these customers use -- grew in tandem, also up 34% year over year.
Is SoFi stock a buy?
So Q2 went well, and SoFi seems well established in its role as a profitable online banker at this point. On the other hand, its stock price has nearly tripled over the past year. That's great for existing shareholders, but new investors may be wondering if SoFi now costs too much.
Here's how I look at it: After its run-up, SoFi stock sports a $23.2 billion market capitalization. On $562 million in trailing earnings, that works out to a P/E ratio of 41 -- pretty expensive for a bank. Then again, most banks aren't growing revenue at 43% a year, much less increasing their earnings eightfold year over year.
Maintaining that growth rate probably isn't realistic, but analysts still forecast earnings to triple over the next four years. If SoFi can do that, even at 41 times earnings, the stock could still be worth buying as a growth stock.