Why SoFi Stock Soared 13% in May
2026-06-02 07:57:15 ET
SoFi Technologies (NASDAQ: SOFI) stock rose 13% in May, according to data provided by S&P Global Market Intelligence . The financial superstar announced the launch of SoFiUSD, a bank-issued U.S. dollar stablecoin, sending the sagging stock higher.
SoFi has been demonstrating outstanding performance over the past few years, and it kept it up in the 2026 first quarter. Adjusted net revenue increased 41% year over year, and earnings per share rose from $0.06 to $0.12. It added a record 1.1 million new members for a total of 14.7 million, leaving open a long growth runway as it attracts new users.
There were strong results across most of the business. The lending business, which is the company's core segment, has been gaining momentum despite stubbornly high interest rates. Revenue was up 55% year over year in the quarter, a comeback from low growth when interest rates started rising. All categories were strong, with a 137% increase in home loans.
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