SoFi (SOFI) Stock Jumps Up 11% Following Q3 Beat

SoFi Technologies (NASDAQ: SOFI) shares were trading around 11% higher after-hours, following the company’s reported Q3 results, with EPS coming in at ($0.05), better than the consensus estimate of ($0.16). Quarterly revenue grew 35% year-over-year to $272 million, beating the consensus estimate of $255.63 million.

According to Anthony Noto, the CEO of SoFi Technologies, total members grew 96% year-over-year to 2.9 million in Q3, with 377,000 additions (second-highest quarterly increase in company history) up 35% from Q2. Total products grew 108% year-over-year to around 4.3 million, with 600,000 additions, up 24% from Q2.

The company provided its Q4 outlook, expecting an adjusted net revenue of $272 million to $282 million, which represents a 49-55% year-over-year increase, and at the midpoint is above the consensus of $274.9 million.

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