SoFi Technologies Inc SOFI shares are trading higher Wednesday after the company announced better-than-expected financial results and raised full-year guidance.
SoFi said second-quarter revenue increased 50% year-over-year to $356.09 million, which beat the estimate of $346.48 million, according to data from Benzinga Pro.
The financial services company reported a quarterly earnings loss of 12 cents per share, which beat the estimate for a loss of 13 cents per share.
SoFi said it added over 450,000 new members during the quarter, bringing total members to over 4.3 million. The company also added more than 702,000 products in the second quarter. Total products are now close to 6.6 million, representing an increase of 79% year-over-year.
"While the political, fiscal, and economic landscapes continue to shift around us, we have maintained strong and consistent momentum in our business. We built our products and services to provide durable growth and profitability, and that is what we are delivering," said Anthony Noto, CEO of SoFi.
SoFi now expects full-year adjusted net revenue to be between $1.508 billion and $1.513 billion, versus the estimate of $1.48 billion. Full-year expectations are up from a previous guidance range of $1.505 billion to $1.513 billion.
Credit Suisse analyst Timothy Chiodo maintained SoFi with a Neutral rating and raised the price target from $8 to $8.5 following the company's results.
SOFI Price Action: SoFi has a 52-week high of $16.47 and a 52-week low of $4.82.
The stock was up 13.3% at $7.26 at time of publication.
Photo: Thank You from Flickr.
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