Shares of SoFi Technologies (NASDAQ: SOFI) climbed in pre-market trading on Tuesday after the fintech company posted record adjusted net revenues of $419.3 million in Q3, a jump of 51% year-over-year and topping analysts’ estimates of $391.8 million.
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Loss per share in the third quarter came in at $0.09 versus $0.05 in the same period last year. Analysts were expecting a loss of $0.11 per share in Q3.
Anthony Noto, CEO of SoFi Technologies commented, “Our strong momentum in member, product and cross-buy adds reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy. We added nearly 424,000 new members, and ended with over 4.7 million total members, up 61% year-over-year. We also added over 635,000 new products, and ended with nearly 7.2 million total products, a 69% annual increase.”
The company also raised its FY22 outlook and now expects adjusted net revenue in the range of $1.52 billion to $1.5 billion versus its prior guidance between $1.508 and $1.513 billion.
SoFi also raised adjusted EBITDA outlook and now anticipates it to come in between $115 million and $120 million, up from its earlier guidance in the range of $104 million to $109 million.
The company stated in its press release, “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.”
