Online lender SoFi saw its stock rise the most in almost three months after increasing its revenue forecast for 2023 and reporting a significant increase in deposits. SoFi's Q3 FY23 results showed a 47% increase in members to 6.9 million and a 45% increase in products to 10.4 million. Deposits also rose by 23% quarter-on-quarter to $15.7 billion. Revenue for the quarter increased by 27% year-on-year to $537 million, beating expectations by $22 million. SoFi's adjusted EBITDA was $98 million, with a margin of 18% and a year-on-year increase of 8 percentage points. Non-GAAP EPS was -$0.03, beating expectations by $0.06. SoFi also raised its FY23 adjusted EBITDA forecast to $392 million, a $54 million increase. SoFi Technologies CEO Anthony Noto emphasized the company's commitment to delivering results and executing across the board.
$SOFI reported a student loan-driven windfall in its Q3 results while raising its full-year guidance on revenue and predicting a quarterly profit before the end of the year. Student loan originations for the bank doubled in Q3 compared to a year ago. https://t.co/XjMTz9UQCJ
$SOFI finishes up 8.79% to $7.55
SoFi Technologies CEO Anthony Noto says the company is executing across the board and we "have to keep delivering." The company raised its revenue forecast for 2023 and said deposits more than tripled from a year earlier https://t.co/nhn4p4oEzQ https://t.co/aY0RrE9aaH
SoFi rose the most in almost three months after the online lender increased its revenue forecast for 2023 and said deposits more than tripled from a year earlier https://t.co/xKTgJUwAYR
SoFi rose the most in almost three months after the online lender increased its revenue forecast for 2023 and said deposits more than tripled from a year earlier https://t.co/sWp8vD76ta
$SOFI SoFi Q3 FY23: • Members +47% to 6.9M. • Products +45% to 10.4M. • Deposits +$23% Q/Q to $15.7B. • Revenue +27% Y/Y to $537M ($22M beat). • Adj. EBITDA $98M (18% margin, +8pp Y/Y). • Non-GAAP EPS -$0.03 ($0.06 beat). FY23 Adj. EBITDA $392M ($54M raise). https://t.co/dptEb8Hob3