Los Angeles, California – SoFi Technologies, Inc., a leading online lender, has recently reported strong Q1 results, showcasing impressive revenue growth and positive net income. Despite the positive performance, the company’s stock price has remained stagnant in the single digits for several months, presenting an opportunity for investors looking to buy below $7.

In Q1, SoFi reported a record adjusted net revenue of $580.7 million, surpassing consensus estimates by $21.1 million. The company also achieved significant growth in adjusted EBITDA, with a 91% increase from the previous year. Additionally, SoFi’s tangible book value has increased by 14% to $3.92 per share, highlighting the company’s strong financial position.

Member additions and cross-selling have been key drivers of SoFi’s growth, with Q1 seeing 622,000 new members and nearly 1 million new product additions. The company’s focus on profitability has also been successful, with $88 million in GAAP net income reported in Q1, marking the second consecutive quarter of profitability.

Furthermore, SoFi has seen significant growth in its loan and deposit segments, with total deposits reaching $21.6 billion at quarter-end and personal loan originations up 11% year-over-year. The company’s acquisition of Wyndham Capital Mortgage has driven a 274% increase in home loan volume, contributing to overall lending segment growth.

In the technology and financial services platforms, SoFi’s accounts have grown by 20% year-over-year, with revenue up 21%. The company’s financial services segment reported a record revenue of $150.6 million, representing an 86% increase from the previous year.

Looking ahead, SoFi’s management has provided guidance for continued growth in 2024, with expectations of significant revenue and EBITDA growth. Although concerns about valuation and dilution persist, the company’s clear growth trajectory and projected profits indicate potential opportunities for investors.

Overall, given SoFi’s strong performance in Q1 and promising growth outlook, many investors may view the current dip in stock price as a buying opportunity. As the company continues to expand its offerings and drive profitability, SoFi Technologies, Inc. remains a compelling investment choice for those looking to capitalize on the fintech sector’s growth.