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2023-07-31

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SoFi's Stock Pops 16% As Fintech Company Boosts Its Earnings Outlook

Shares of $SoFi Technologies Inc.(SOFI)$ were gaining 18.74% in Monday’s morning trading after the financial-technology company upped its earnings outlook for the full year, while beating expectations

SoFi's Stock Pops 16% As Fintech Company Boosts Its Earnings Outlook

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SoFi also now expects $333 million to $343 million in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) for the period, it said — above a prior forecast that called for $268 million to $288 million.</p><p>SoFi reported the addition of more than 584,000 new members during its second quarter, along with 847,000 new products.</p><p>Total deposits for SoFi grew by $2.7 billion to reach $12.7 billion by the end of the quarter, and 90% of deposits were from direct-deposit members.</p><p>Origination volumes for SoFi’s personal-loan business jumped 51% from a year before to $3.7 billion, marking a company record. Personal-loan originations were up 27% sequentially.</p><p>“This strong performance was aided by years of investment in technology to automate and accelerate the application-to-approval process for qualified borrowers and constant testing of risk controls and underwriting models to maintain high credit quality and strong returns,” the company said in a release.</p><p>Student-loan origination volumes were down 1% on a year-over-year basis to $395 million and “continued to reflect the uncertainty around federal student loan payments,” according to the release. Home-loan originations declined 27% from a year before, to $243 million, though they almost tripled on a sequential basis, as SoFi “began to benefit from the technology platform and overall loan capacity from our acquisition at the beginning of the quarter.”</p><p>The company reported 129 enabled client accounts for its technology platform business as of the second quarter. Galileo, part of that business, signed 5 new clients in the period.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>SoFi's Stock Pops 16% As Fintech Company Boosts Its Earnings Outlook</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSoFi's Stock Pops 16% As Fintech Company Boosts Its Earnings Outlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-07-31 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Shares of <a href=\"https://laohu8.com/S/SOFI\">SoFi Technologies Inc.</a> were gaining 16.65% in Monday’s morning trading after the financial-technology company upped its earnings outlook for the full year, while beating expectations for the latest period.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d281a3115c3ec3d0ce2a254379c60dff\" tg-width=\"794\" tg-height=\"624\"/></p><p>The company generated a second-quarter net loss of $58 million, or 6 cents a share, compared with a loss of $106 million, or 12 cents a share, in the year-earlier period. Analysts tracked by FactSet were modeling a 7-cent loss on a per-share basis.</p><p>SoFi’s revenue rose to $498 million from $363 million, while the FactSet consensus was for $486 million on a GAAP basis.</p><p>The company boosted its full-year outlook and said it now expects adjusted net revenue of $1.974 billion to $2.034 billion, whereas its prior forecast was for $1.955 billion to $2.034 billion on the metric. SoFi also now expects $333 million to $343 million in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) for the period, it said — above a prior forecast that called for $268 million to $288 million.</p><p>SoFi reported the addition of more than 584,000 new members during its second quarter, along with 847,000 new products.</p><p>Total deposits for SoFi grew by $2.7 billion to reach $12.7 billion by the end of the quarter, and 90% of deposits were from direct-deposit members.</p><p>Origination volumes for SoFi’s personal-loan business jumped 51% from a year before to $3.7 billion, marking a company record. Personal-loan originations were up 27% sequentially.</p><p>“This strong performance was aided by years of investment in technology to automate and accelerate the application-to-approval process for qualified borrowers and constant testing of risk controls and underwriting models to maintain high credit quality and strong returns,” the company said in a release.</p><p>Student-loan origination volumes were down 1% on a year-over-year basis to $395 million and “continued to reflect the uncertainty around federal student loan payments,” according to the release. Home-loan originations declined 27% from a year before, to $243 million, though they almost tripled on a sequential basis, as SoFi “began to benefit from the technology platform and overall loan capacity from our acquisition at the beginning of the quarter.”</p><p>The company reported 129 enabled client accounts for its technology platform business as of the second quarter. Galileo, part of that business, signed 5 new clients in the period.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SOFI":"SoFi Technologies Inc."},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167974392","content_text":"Shares of SoFi Technologies Inc. were gaining 16.65% in Monday’s morning trading after the financial-technology company upped its earnings outlook for the full year, while beating expectations for the latest period.The company generated a second-quarter net loss of $58 million, or 6 cents a share, compared with a loss of $106 million, or 12 cents a share, in the year-earlier period. Analysts tracked by FactSet were modeling a 7-cent loss on a per-share basis.SoFi’s revenue rose to $498 million from $363 million, while the FactSet consensus was for $486 million on a GAAP basis.The company boosted its full-year outlook and said it now expects adjusted net revenue of $1.974 billion to $2.034 billion, whereas its prior forecast was for $1.955 billion to $2.034 billion on the metric. SoFi also now expects $333 million to $343 million in adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) for the period, it said — above a prior forecast that called for $268 million to $288 million.SoFi reported the addition of more than 584,000 new members during its second quarter, along with 847,000 new products.Total deposits for SoFi grew by $2.7 billion to reach $12.7 billion by the end of the quarter, and 90% of deposits were from direct-deposit members.Origination volumes for SoFi’s personal-loan business jumped 51% from a year before to $3.7 billion, marking a company record. Personal-loan originations were up 27% sequentially.“This strong performance was aided by years of investment in technology to automate and accelerate the application-to-approval process for qualified borrowers and constant testing of risk controls and underwriting models to maintain high credit quality and strong returns,” the company said in a release.Student-loan origination volumes were down 1% on a year-over-year basis to $395 million and “continued to reflect the uncertainty around federal student loan payments,” according to the release. Home-loan originations declined 27% from a year before, to $243 million, though they almost tripled on a sequential basis, as SoFi “began to benefit from the technology platform and overall loan capacity from our acquisition at the beginning of the quarter.”The company reported 129 enabled client accounts for its technology platform business as of the second quarter. 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