Why Shares of SoFi Are Surging This Morning
Shares of digital bank SoFi Technologies (NASDAQ: SOFI) had jumped close to 14.5% as of 9:58 a.m. ET Monday after the company reported strong earnings results for the third quarter of the year.
In the third quarter, SoFi generated a loss of $0.09 per share on record quarterly revenue of nearly $424 million. SoFi also delivered adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of nearly $44.3 million in the quarter. Both earnings and revenue beat analyst estimates for the quarter.
"Our bank charter is enabling new flexibility that has proven even more valuable in light of the current macro environment, and the economic benefits are already starting to materialize and positively impact our operating and financial results," SoFi CEO Anthony Noto said in an earnings statement.
Source Fool.com
