News

SoFi Technologies Sees Positive Outlook as Revenue Surges

1 Mins read

SoFi Technologies, a leading financial-technology company, has raised its outlook for the year following a strong second quarter performance that saw record-high revenue. As a result, the company’s shares reached a 52-week high and continue to show significant growth.

Impressive Growth

At 11:03 a.m. E.T., SoFi Technologies’ shares were up 18% to $11.26. Year-to-date, the stock has surged by an impressive 145%, with a 78% increase over the past 12 months.

Increased Revenue Expectations

With its exceptional performance in the second quarter, the company now expects adjusted revenue of $1.03 billion to $1.09 billion for the second half of the year. Looking ahead, SoFi Technologies is guiding for net revenue of $1.97 billion to $2.03 billion for 2023, a notable increase from its previous guidance range of $1.96 billion to $2.02 billion.

Record Number of Members

SoFi Technologies’ positive outlook aligns with its achievement of adding a record high number of members during the second quarter. This growth demonstrates the company’s continued success in attracting new customers and expanding its user base.

Financial Highlights

In terms of financials, SoFi Technologies reported a net loss of $47.5 million, or 6 cents per share, in comparison to a loss of $95.8 million, or 12 cents per share, for the same period last year. Despite the loss, the company’s revenue rose by an impressive 37% to $498.0 million, surpassing analysts’ expectations of $486.4 million.

Related posts
News

Bitcoin Hits Record $113K as $575M in Shorts Get Liquidated - TokenPost

1 Mins read
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, soared to a new all-time high of $113,541 on the Bitstamp exchange at…
News

Govt enacts law to regulate VAs, plans pilot for digital currency - Daily Times

2 Mins read
The Virtual Assets Act, 2025 creates the Pakistan Virtual Asset Regulatory Authority (PVARA), a new autonomous regulator to supervise the virtual asset…
News

Funeral home owner accused of stashing decaying bodies expected to plead guilty in federal court

1 Mins read
DENVER – A funeral home owner in Colorado accused of storing nearly 190 decomposing bodies in a room-temperature building and defrauding the…

Leave a Reply

Your email address will not be published. Required fields are marked *