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SoFi Technologies Inc. (NASDAQ:SOFI) reported better-than-expected Q3 results and raised its full-year guidance to send its shares almost 19% higher today.
SoFi delivered a loss per share of $0.09 to beat the analyst estimate that was looking for a loss per share of $0.11. Revenue came in at $424 million, easily exceeding the $393.59 million consensus.
“Our strong momentum in member, product and cross-buy adds reflects the benefits of our broad product suite and unique Financial Services Productivity Loop FSPL strategy,” said CEO Anthony Noto.
Full-year revenue is now seen between $1.517 and $1.522 billion, beating the consensus of $1.5 billion. The adjusted Ebitda should come in between $115 million and $120 million, up from the prior range of $104 million to $109 million, and higher than the estimate of $105.1 million.
Mizuho analysts said SoFi delivered “outstanding” results, which were highlighted by “student loan origination volumes returning to Q/Q growth, coupled with very strong new member and new product adds.”
“We expect a very positive stock reaction. Reiterate Buy,” they wrote in a client note.
Goldman Sachs analysts noted that the beat was “primarily driven by outperformance in Lending and Financial Services contribution profit.”
They reiterated a Neutral rating but said they expected shares to trade higher after a beat-and-raise quarter.
