Investors were disappointed by the online bank's restrained guidance

SoFi CEO Anthony Noto.

SoFi Technologies delivered better-than-expected results for its latest quarter - but investors took issue with other aspects of the report, sending the company's shares sharply lower Wednesday.

The online bank $(SOFI)$ delivered what it called an "exceptional" second-quarter, beating Wall Street's expectations for earnings per share, revenue and a few other metrics. SoFi said it added twice as many products as members for the first time.

"We are starting to hit escape velocity on our path to be the winner that takes most in digital financial services," SoFi CEO Anthony Noto told investors.

SoFi on Wednesday also raised its full-year outlook for adjusted net revenue to between $4.75 billion and $4.85 billion, up from $4.65 billion, while maintaining other targets. While a better show of confidence than what SoFi put up in April, implied guidance for the second half of the year still remains below Wall Street's expectations, according to Keefe, Bruyette & Woods analyst Tim Switzer, who rates SoFi's stock at underperform.

That's likely weighing on the stock, according to William Blair analyst Andrew Jeffrey, who specifically called out the decision not to raise guidance for earnings before interest, tax, depreciation and amortization (Ebitda).

SoFi shares were down 9% in midday action in Wednesday, adding to longer-term declines. The stock is down by more than 41% on a year-to-date basis.

On a call with investors, CFO Chris Lapointe said SoFi "couldn't be more positive" about demand but that the company also needs to be balanced. The guidance includes a "cushion" that will keep SoFi prepared to deliver on expectations in the event that interest rates are raised, Lapointe noted.

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KBW's Switzer said that Wall Street may view SoFi's quarter as a "lower-quality beat" since it was "almost entirely" driven by growth on the balance sheet, in his view. William Blair's Jeffrey took an opposing stance, writing in a note that he was bullish on SoFi's willingness to put more origination volume on the balance sheet.

"A larger balance sheet also efficiently utilizes excess capital and supports the company's 20% to 30% long-term [return on equity target]," added Jeffrey, who said SoFi is in "investment mode" and recommended investors "aggressively accumulate" shares.

-William Gavin