SoFi Reports Increased Product Sales Among Existing Members
In its second-quarter results, SoFi Technologies reported that 51% of new products sold were to existing members — up from 35% a year ago. This shift reflects growing customer trust and cross-selling success as the average number of products per member increased to 1.54 from 1.46 in the prior year. The company added 1.12 million new customers, bringing its total membership to 15.81 million. Despite beating revenue and earnings estimates with $1.2 billion in revenue (up 40% YoY) and per-share earnings of $0.12, the stock fell nearly 10%. The decline was attributed to SoFi not raising its EBITDA guidance for 2026 despite increasing full-year revenue forecasts. The growing trend of selling more products to existing customers is seen as a cost-effective way to boost long-term profitability and customer lifetime value. However, investors remain cautious due to the lack of near-term profit visibility.
Tickers: $SOFI