SoFi Q3 Earnings Highlights: 377,000 New Members, Record Lending Revenue And More

SoFi Q3 Earnings Highlights: 377,000 New Members, Record Lending Revenue And More

SoFi Technologies SOFI shares are trading higher after reporting third-quarter financial results.

Here are the key highlights for investors.

What Happened: SoFi reported third-quarter revenue of $277.2 million, beating a consensus estimate of $255.6 million.

The company added 377,000 new members, its second highest-quarterly increase in company history. The company had 2.9 million members, up 96% year-over-year.

The company’s lending segment reach an all-time high for revenue at $215.5 million, up 21% year-over-year.

“I believe we’ve accomplished more at SoFi across our uniquely diversified platform of mobile-first financial services products over the past year than many other companies will achieve in a lifetime,” SoFI CEO Anthony Noto said.

The third quarter was the company’s fifth consecutive quarter of positive EBITDA.

Related Link: Want To Buy Rivian IPO Early? SoFi Is Offering Early Access To Customers 

What’s Next: The company launches several marketing campaigns in the third quarter, which could help bring brand awareness and increase future revenue. This includes campaigns with the NFL, on TikTok and during the U.S. Open Tennis tournament.

“Our strategy is to build the first digital one-stop shop and meet our members’ financial needs for every major event in their lives and all of the day in between, continues to pay off,” Noto said.

SoFi sees fourth-quarter revenue hitting $272 million to $282 million, compared to an estimate of $275 million.

The company is guiding for full-year revenue to come in a range of $1.00 billion to $1.01 billion, versus a street estimate of $979.6 million.

Price Action: SOFI shares are up 12% to $22.86 in after-hours trading.

Disclosure: The author has a long position in SOFI.

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