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SoFi Technologies (SOFI) stock has underperformed so far this year, with shares down approximately 34.5% year to date. The stock has also traded within a relatively narrow range for several months.
One of the biggest factors behind SoFi’s underperformance is the increasing contribution of its lending business to overall revenue. In the second quarter, SoFi reported record adjusted net revenue of $1.2 billion, up 40% year over year. However, much of that growth came from lending. The lending segment generated $712 million in revenue, compared with $551 million from the combined Financial Services and Technology Platform businesses.
