SoFi Technologies Inc (NASDAQ:SOFI) shares initially rose Tuesday on the heels of the company’s third-quarter financial results but have since reversed. Here’s a look at the key metrics from the quarter.

Q3 Earnings: SoFi reported third-quarter adjusted sales of $689.445 million, beating analyst estimates of $632.328 million, according to Benzinga Pro. The company reported third-quarter earnings of 5 cents per share, beating estimates of 4 cents per share.

Total revenue was up 30% on a year-over-year basis. Financial services revenue increased 102% year-over-year, lending segment revenue increased 14% year-over-year and technology platform revenue increased 14% year-over-year. Net interest income of $431 million was up 25% year-over-year.

SoFi said it added 756,000 new members in the third quarter, bringing total members up to 9.4 million, up 35% year-over-year. Product additions totaled nearly 1.1 million in the quarter.

“This quarter was the strongest quarter in our history. Our results reflect how SoFi is consistently achieving durable growth, how our innovation and brand building are attracting more members and clients to our platform than ever before, and how we are delivering strong and improving returns,” said Anthony Noto, CEO of SoFi.

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Outlook: SoFi raised its full-year revenue forecast from a range of $2.425 billion to $2.465 billion to a new range of $2.535 billion to $2.55 billion versus estimates of $2.45 billion, according to Benzinga Pro.

Revenue guidance now assumes lending revenue will be at least 100% of 2023 levels, financial services revenue will grow more than 80% year-over-year and technology platform revenue will grow low-to-high teens year-over-year.

The company expects full-year Adjusted EBITDA of $640 million to $645 million and full-year earnings of 11 to 12 cents per share. The company said it continues to expect to add at least 2.3 million new members in 2024, representing 30% growth year-over-year.

SOFI Price Action: SoFi shares were down 2.77% at $10.88 at the time of publication Tuesday, according to Benzinga Pro.

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