Shares of SoFi Technologies (NASDAQ: SOFI) gained in pre-market trading at the time of writing on Monday after the fintech company’s losses halved in the second quarter to $0.06 per share as compared to a loss of $0.12 in the same period last year and better than analysts’ estimates of a loss of $0.07 per share.
SoFi generated adjusted net revenues of $488.82 million, up by 37% year-over-year in Q2, beating analysts’ expectations of $473.94 million. In the second quarter, SOFI added 584,000 new members and ended the quarter with 6.2 Million, up by 44% year-over-year. New product additions were nearly 847,000 in Q2, bringing total products to over 9.4 million at quarter end.
Looking forward, management now expects adjusted net revenues in the range of $1.025 billion to $1.085 billion in the second half of this year while adjusted EBITA is likely to be between $180 million and $190 million. For FY23, adjusted net revenue is forecasted to be in the range of $1.974 billion to $2.034 billion, up from its prior projection of $1.955 billion to $2.02 billion while adjusted EBITDA is likely to be between $333 million and $343 million.
The company stated in its press release, “As the company moves toward expected GAAP net income profitability in the fourth quarter, management expects share-based compensation and depreciation and amortization expenses to be slightly higher than reported second quarter 2023 levels in both the third and fourth quarters of the year.”
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Overall, Wall Street analysts are sidelined about SOFI stock with a Hold consensus rating based on seven Buys, eight Holds, and three Sells.