Analyst Note
| Michael Miller |No-moat-rated SoFi technologies reported solid second-quarter earnings as weak student loan origination was offset by personal loans and deposit growth that came in well above our expectations. SoFi’s net revenue grew 57% year over year and 9.7% from last quarter to $362.5 million. As we incorporate these results, we do not expect to materially alter our $15 fair value estimate for SoFi.