SoFi Technologies is scheduled to release its third-quarter earnings on Oct. 27 as investors assess whether its expanding range of financial products is translating into deeper customer engagement. The all-digital bank’s core business is lending, while its offerings also include savings accounts, credit cards, blockchain-based international wire transfers and a U.S. -dollar-backed stablecoin.
Products added were twice the number of members added during the quarter, and 51% of new products came from existing members, up from 43% in the previous quarter. Products per member accelerated over the last two quarters.
Credit performance will also be a key measure in the third-quarter update.
Management did not provide third-quarter guidance. The results could show whether product growth and improving credit metrics are continuing together, while the stock’s reaction will depend on how the figures compare with those expectations.