Why SoFi Technologies Stock Popped Today
Shares of SoFi Technologies (NASDAQ: SOFI) were up 18% as of 9:50 a.m. ET Monday, according to data provided by S&P Global Market Intelligence, after the banking and financial technology (fintech) leader announced strong second-quarter 2023 results.
As for headline numbers, SoFi's adjusted quarterly revenue climbed 37% year over year to $488.8 million, while its GAAP net loss narrowed to $0.06 per share from $0.12 per share in the same year-ago period. Most analysts were modeling a loss of $0.07 per share on revenue of $476 million. SoFi also posted adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $77 million for the quarter, up 278% year over year.
SoFi CEO Anthony Noto credited the beat to a combination of record revenue from its technology platform and financial services business segments, as well as continued strong lending segment growth. SoFi also increased its member count by 44% year over year to over 6.2 million, including 584,000 new members this quarter. New products climbed 43% year over year to over 9.4 million.
Source Fool.com
