SoFi stock surges after earnings beat as company lifts forecast
SoFi Technologies Inc. shares
were surging in premarket action Tuesday after the financial-services company topped expectations with its latest results and boosted its full-year forecast. The company generated a third-quarter comprehensive loss of $75.8 million, or 9 cents a share, compared with $30.0 million, or 5 cents a share, in the year-earlier period. Analysts were modeling a 10-cent loss per share, based on four estimates. SoFi also logged adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $44.3 million, up sharply from $10.3 million a year prior, while the FactSet consensus was for $29.1 million on the non-GAAP metric. Revenue rose to $424.0 million from $272.0 million, while analysts had been looking for $399.2 million, based on a sampling of three estimates. For the full year, SoFi expects $115 million to $120 million in adjusted Ebitda, whereas its prior outlook was for $104 million to $109 million. “This marks the third quarter of a positive revision to full-year 2022 financial guidance despite extensions of the student loan moratorium throughout the year,” SoFi executives said in a release. SoFi’s stock has lost nearly two thirds of its value so far in 2022 as the S&P 500
has dropped 19%.