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Why SoFi Stock Exploded 15% Higher This Morning

TheMotleyFool

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Shares of famous fintech company and online bank SoFi Technologies (NASDAQ: SOFI) leaped nearly 15% in early trading on the Nasdaq Monday after the company reported what CNBC termed a "massive revenue beat" (but no profits). Of course, Wall Street hadn't expected it to earn any profit in any case.

Heading into Q3 2023, analysts forecast SoFi would lose $0.07 per share on $512.1 million in revenue. As it turned out, losses were $0.03 per share, while SoFi exceeded revenue expectations by about 3.6% -- $530.7 million.

If that sounds a bit less than "massive" to you, well...it seems many investors agree. As of 10 a.m. ET, SoFi's stock gains have shrunk to just 3%.

Source Fool.com

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