Why Personal Finance Company SoFi Technologies' Shares Are Trading Higher Today
Portfolio Pulse from Lekha Gupta
SoFi Technologies Inc's shares are trading higher by around 6% after the company reported better-than-expected Q3 FY23 results and raised its FY23 outlook. Adjusted revenue increased 27% Y/Y to $530.7 million, beating the consensus of $512.1 million. SoFi added over 717,000 new members in Q3, bringing its total member count to over 6.9 million (+47% Y/Y). Adjusted EBITDA rose by 121% Y/Y to $98.0 million. The company raised the outlook for adjusted net revenue to $2.045 billion-$2.065 billion and adjusted EBITDA to $386 million-$396 million for FY23.
October 30, 2023 | 12:17 pm
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SoFi's shares are trading higher after reporting better-than-expected Q3 FY23 results and raising its FY23 outlook. The company's adjusted revenue and EBITDA have increased significantly, and it has added a substantial number of new members.
SoFi's better-than-expected Q3 FY23 results and raised FY23 outlook are likely to have a positive impact on its stock price. The company's significant increase in adjusted revenue and EBITDA, as well as the addition of a large number of new members, indicate strong financial performance and growth, which are typically viewed favorably by investors.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100