SoFi Technologies Reports Strong Q3 Earnings, Raises FY24 Guidance; Shares Rose 5.5%

Oct 29, 2024, 11:18 AM

SoFi Technologies reported strong Q3 2024 earnings, with net revenue reaching $697 million, surpassing the estimated $632 million. The company achieved a net income of $61 million, exceeding the expected $39 million. Earnings per share (EPS) were $0.05, compared to the estimated $0.04. Adjusted net revenue was $689.4 million, and adjusted EBITDA was $186.2 million, both beating expectations. SoFi added over 756,000 new members in the third quarter, bringing the total membership to nearly 9.4 million, a 35% increase year-over-year. Following these results, SoFi raised its full-year 2024 guidance, now expecting adjusted net revenue between $2.535 billion and $2.550 billion, up from the previous range of $2.425 billion to $2.465 billion. Shares of SoFi Technologies rose 5.5% in pre-market trading. CEO Anthony Noto stated, 'This quarter was the strongest quarter in our history.'