SoFi Technologies Turns To Q3 Profit; Raises Full-year Outlook

SoFi Technologies

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Kaufen / Verkaufen

(RTTNews) - SoFi Technologies, Inc. (SOFI) Tuesday reported net income of $58.06 million or $0.05 per share for the third quarter, compared with net loss of $276.87 million or $0.29 per share in the same quarter a year ago. The financial services company also raised its full-year outlook.

SoFi Technologies had impairment expenses of $247.17 million in the previous-year quarter.

On average, 14 analysts expected earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $697.12 million form $537.21 million in the previous year. The consensus estimate was for $632.33 million.

Net interest income of $431.0 million for the third quarter was up 25% year-over-year, driven by a 35% increase in average interest-earning assets.

Looking ahead, SoFi now expects adjusted revenue of $2.535 billion - $2.550 billion, up from prior guidance of 2.43 billion - $2.47 billion.

Full-year adjusted EPS outlook has been raised to $0.11 to $0.12 from $0.09 to $0.10.

Analysts expect the company to report earnings of $0.11 per share on revenue of $2.45 billion for the year.