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Innovative online bank SoFi Technologies (NASDAQ: SOFI) certainly caught the attention of the investment community at its market debut, as disruptive financial companies were all the rage at the time. Then 2022 came along, and it sent shares in a tailspin. They ended last year down 71% as the market favored steady and profitable companies over more speculative ones.
To be fair, however, SoFi is already up 25% so far in 2023 (as of March 27), easily beating the Nasdaq Composite Index by a wide margin. And shareholders are probably wondering where the fintech stock will be one year from now. Here’s what you need to know.
There’s no denying just how impressive SoFi’s growth has been over the years, with the company’s revenues, membership count, and products increasing at impressive rates. Even in 2022, when interest rates were rising rapidly, SoFi was able to put up strong numbers. Adjusted revenue of $1.5 billion was 52% higher than the prior year and more than triple 2019’s total, with strong gains posted in every single quarter of 2022. The membership base increased by 51%, bringing the total to 5.2 million.