SoFi Technologies’ Q3 Profit Surges, Exceeds Expectations
SoFi Technologies, Inc. (SOFI) has released its financial results for the third quarter, displaying significant growth in both earnings and revenue.
SoFi Technologies’ Q3 Profit Surges, Exceeds Expectations
The company reported earnings of $139.39 million for Q3, which translates to $0.11 per share. This marks an impressive increase compared to $60.75 million or $0.05 per share recorded in the same quarter last year.
Adjusted Earnings and Revenue Growth
Excluding special items, SoFi’s adjusted earnings also stand at $139.39 million, equivalent to $0.11 per share. Analysts had anticipated earnings of $0.08 per share, showcasing the company’s ability to exceed expectations.
Revenue Figures
SoFi Technologies experienced notable growth in revenue, which surged by 37.9% to reach $961.60 million. This figure contrasts with the $697.12 million reported in Q3 of the previous year.
Quarterly Performance Overview
| Metric | Q3 2023 | Q3 2022 |
|---|---|---|
| Earnings | $139.39 million | $60.75 million |
| EPS | $0.11 | $0.05 |
| Revenue | $961.60 million | $697.12 million |
These results highlight SoFi Technologies’ strong performance in an increasingly competitive market. The growth in earnings and revenue underscores the company’s effective strategies and market positioning.
