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SoFi Technologies reported second-quarter earnings on Monday.
Gabby Jones/Bloomberg
SoFi Technologies
was rising Monday after the fintech easily topped revenue expectations in its second quarter.
SoFi (ticker: SOFI) posted a loss of 6 cents a share on consolidated non-GAAP adjusted net revenue of $488.8 million, while analysts had penciled in a loss of 7 cents a share on revenue of $474 million.
Personal loan origination volume rose 51% from the year-ago quarter, while student loans slid 1%, and home loans were 27% lower. Members and products both rose.
The company also raised its guidance for 2023.
SoFi stock was rising 4.7% to $10 in premarket trading. Coming into Monday’s session, shares have more than doubled this year.
This is breaking news. Read a preview of SoFi’s earnings below and check back for more analysis soon.
SoFi Technologies
stock has soared this year as student-loan payments look set to restart. Its coming earnings should begin to show whether that optimism is deserved.
On Monday, SoFi (ticker: SOFI) is expected to report a loss of 7 cents a share on consolidated non-GAAP adjusted net revenue of $474 million in the second quarter. Analysts surveyed by FactSet are also expecting the fintech to post personal loan origination volume of about $3 billion, student loan volume of $518.8 million, and home loan volume of $128.8 million. This would mark an uptick from the first quarter for personal and home loans and a decline for student loans.
The stock has gained around 69% since reporting first-quarter earnings on May 1. Part of that was solid…
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