Why SoFi Technologies Stock Is Soaring Today

SoFi Technologies Inc (NASDAQ: SOFI) shares are trading higher Tuesday after the company reported better-than-expected financial results and raised its full-year outlook.

SoFi said third-quarter revenue increased 51% year-over-year to $419.26 million, which beat average analyst estimates of $392.76 million, according to Benzinga Pro. The company reported a quarterly net loss of 9 cents per share, which beat average estimates for a loss of 10 cents per share. 

SoFi said it added about 424,000 new members in the third quarter, bringing total members up to 4.7 million. SoFi added 635,000 new products in the third quarter, bringing total products to nearly 7.2 million. 

"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," said Anthony Noto, CEO of SoFi.

SoFi raised its full-year revenue guidance from a range of $1.508 billion to $1.513 billion to a range of $1.517 billion to $1.522 billion. SoFi now expects full-year EBITDA to be between $115 million and $120 million. 

See Also: What Does SoFi Technologies Debt Look Like?

SOFI Price Action: SoFi has a 52-week high of $16.47 and a 52-week low of $4.77.

The stock was up 19.1% at $6.48 at time of publication. 

Photo: Klarinette71 from Pixabay.