The SoFi Technologies Inc (NASDAQ: SOFI) stock price rallied 9.75% after releasing its Q3 earnings results for the three months ended September 30, 2023. The fintech company reportedly generated revenues worth $537.2 million, marking a 26.7% year-on-year increase and beating analysts’ estimates by $21.64 million.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
SoFi witnessed record-breaking member additions, with a staggering 717,000 new members joining the platform. This surge in membership contributed to an accelerated growth rate of 47%, bringing the firm’s total ending members to an impressive figure of over 6.9 million.
WELCOME BONUS - Free Share Bundle When You Invest £50!
Open a UK Investment Account: Shares, ISAs, Managed Portfolio
Invest in 15,000+ shares and ETFs. Open an account now, invest at least £50, and you’ll get a free share bundle worth between £40 and £200. T&Cs apply.
IG
View Offers
Empfohlener Broker
Multi Asset Platform
Not only did the company achieve record member growth, but it also saw record product additions, with over 1 million new products bought on its platform. This expansion was met with an accelerating growth rate of 45%, resulting in a total product count of over 10 million.
SoFi’s record-breaking revenue was not confined to a single business segment; instead, it was distributed across all three of its business segments. Notably, 67% of the growth in adjusted net revenue came from its non-lending segments, encompassing the firm’s Technology Platform and Financial Services segments.
On a consolidated level, the fintech firm observed sequential and year-over-year expansion in its net interest margin, which reached an impressive 5.99%. Additionally, the company achieved record sequential deposit growth, totalling $2.9 billion, highlighting the trust and confidence customers place in its services.
The company generated a record adjusted EBITDA of $98 million, with an extraordinary 48% incremental adjusted EBITDA margin. The firm’s overall margin rose to 18%, reinforcing its financial stability. Importantly, all three business segments operated profitably, including the financial services division’s first profit.
Considering the impact of a non-cash impairment of goodwill assets, we reported a net loss of $19.5 million and an EPS loss of $0.03. The company also raised its full-year revenue and EBITDA targets.
Anthony Noto, SoFi Technologies CEO, said: “We delivered another quarter of record financial results and generated our tenth consecutive quarter of record adjusted net revenue of $531 million. We saw record new member adds of 717,000 and accelerating growth of 47% for total ending members of over 6.9 million, along with record new product adds of over 1 million, also with accelerating growth of 45% to over 10 million total products.”
SoFi Technologies stock price.
The SoFi Technologies stock price rallied 9.75% to trade at $7.54 from Friday’s closing price of $6.87.
Searching for the Perfect Broker?
Discover our top-recommended brokers for trading stocks, forex, cryptos, and beyond. Dive in and test their capabilities with complimentary demo accounts today!
- IG Top-tier regulation – Read our Review
- eToro Wide range of instruments available to trade – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.