SoFi Technologies beats estimates in Q3 earnings

sofi

SoFi Technologies Inc. released its Q3 earnings result on Wednesday after the market closed. The company beat the estimates with a 96% growth in members year over year taking the count to 2.9 million.

  • Revenue: $272.2 million
  • EPS: -$0.05
  • Net Income: $30.047 million
CEOs Statement

“I believe we’ve accomplished more at SoFi across our uniquely diversified platform of mobile-first financial services products over the past year than many other companies will achieve in a lifetime,” said Anthony Noto, CEO of SoFi Technologies, Inc. “Our strategy to build the first digital one-stop shop that meets our members’ financial needs for every major event in their lives, and all of the days in between, continues to pay off.”

Analysts Estimate

EPS: a loss per share of $0.14

Revenue: $255.6 million

Earnings History

Online personal finance company SoFi Technologies Inc.last released its earnings result on 12th August, 2021.The firm’s total YOY Member Growth of 113% Accelerated for the 8th Consecutive Quarter to 2.6 million. It also reported 123% YOY rise in total Products which amounted to 3.7 million. 

It earned net revenue of $231.3million, up by 101% and incurred a net loss of $165.3 million. 

Adjusted Net Revenue of the firm was up 74% YOY. And total origination volume in the lending segment increased 66% YOY.

Future Plans

SoFi Technologies Inc., a leading next-generation financial services platform, announced on 9th November,2021 of partnering with the Financial Planning Association to Provide Exclusive Access to Suite of Financial Solutions, Services, and Educational Resources to FPA Members and Clients. The strategic partnership between the two is designed to benefit nearly 19,000 FPA financial planning practitioner members and the clients they serve. 

On 4th November, it announced the redemption of all outstanding warrants. 

Company Profile

SoFi Technologies, Inc. is an American online personal finance company.

It is now the parent company of Social Finance, Inc. SoFi is headquartered in San Francisco, California, United States and provides a suite of financial products that includes student loan refinancing, mortgages, personal loans, credit card, investing and banking through both its mobile app and desktop interfaces. 

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