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.
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.
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.