SoFi's stock pops after earnings as loan volumes surge

📆 30.10.2023 14:30:00
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Student-lending originations doubled in the third quarter

SoFi Technologies Inc. shares surged 7% in Monday’s premarket action after the financial-technology company posted a large revenue beat for the latest quarter and gave an upbeat outlook.

SoFi SOFI, -0.43% said that, excluding the impact of non-cash impairment charges, it would have seen a 3-cent loss per share, “which reinforces our confidence in achieving positive GAAP net income in the fourth quarter of 2023.” Revenue rose to $537 million from $424 million a year before, while analysts were expecting $518 million.

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