SoFi Technologies stock gains 5% on strong Q3 results, raised guidance

NEW YORK - SoFi Technologies, Inc. (NASDAQ: NASDAQ:SOFI ) shares jumped 5.45% in after-hours trading Monday after the fintech company reported better-than-expected third quarter results and raised its full-year outlook.

SoFi posted adjusted earnings per share of $0.05, beating analyst estimates of $0.04. Revenue surged 30% YoY to $697.1 million, well above the consensus forecast of $631.3 million.

The company saw strong growth across its business segments. Financial Services revenue more than doubled YoY to $238.3 million, while Technology Platform revenue increased 14% to $102.5 million. Lending revenue rose 14% to $396.2 million.

"This quarter was the strongest quarter in our history," said CEO Anthony Noto. "Our results reflect how SoFi is consistently achieving durable growth, how our innovation and brand building are attracting more members and clients to our platform than ever before, and how we are delivering strong and improving returns."

SoFi added over 756,000 new members in Q3, bringing its total member count to nearly 9.4 million, up 35% YoY. Total products increased 31% YoY to nearly 13.7 million.

Looking ahead, SoFi raised its full-year 2024 revenue guidance to $2.535-$2.55 billion, up from its previous outlook of $2.43-$2.47 billion and above analyst expectations of $2.474 billion. The company now expects adjusted EBITDA of $640-$645 million for the year.

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Source: Investing.com