SoFi Technologies Shares Surge 5% on Strong Q3 Results and Upgraded Guidance

NEW YORK - SoFi Technologies, Inc. (NASDAQ: SOFI) shares rose by 5.45% in after-hours trading on Monday after the fintech company reported better-than-expected third-quarter results and raised its full-year outlook.
SoFi announced an adjusted earnings per share of $0.05, surpassing analyst expectations of $0.04. Revenue reached $697.1 million, a 30% increase year-over-year, significantly above the consensus estimate of $631.3 million.
The company recorded strong growth across all business segments. Financial Services revenue more than doubled year-over-year, reaching $238.3 million, while Technology Platform revenue increased by 14% to $102.5 million. Lending revenue also rose by 14% to $396.2 million.
CEO Anthony Noto stated, "This quarter was the strongest in our history." He added, "Our results reflect how SoFi continues to achieve sustainable growth, how our innovation and branding efforts have attracted more members and customers to our platform than ever, and how we are delivering strong and expanding returns."
In the third quarter, SoFi added over 756,000 new members, bringing the total member count to approximately 9.4 million, a 35% increase year-over-year. The total number of products rose by 31% year-over-year, reaching around 13.7 million.
Looking forward, SoFi raised its full-year revenue guidance for 2024 to $2.535-2.55 billion, exceeding its previous forecast of $2.43-2.47 billion and analysts' expectations of $2.474 billion. The company now expects an adjusted EBITDA of $640-645 million for the year.