Shares of SoFi Technologies (SOFI) are up 5% after the financial technology company reported better-than-expected third-quarter financial results and raised its forward guidance.
Owing to growth in its student loan segment, SoFi reported a Q3 loss of $0.03 U.S. per share, which was less than the loss of $0.08 U.S. that had been expected on Wall Street, according to data from FactSet.
The company’s Q3 revenue amounted to $530.72 million U.S., which was ahead of the $511 million U.S. that was expected on Wall Street.
Student loan originations for the quarter ended Sept. 30 totaled $919.3 million U.S., which was well above a forecast of $651.5 million U.S.
Personal and home loans made by SoFi also beat Wall Street expectations, coming in at $3.89 billion U.S. and $355.7 million U.S.
Looking forward, SoFi Technologies raised its forward guidance for all of this year, saying it now expects revenue of $2.045 billion U.S. to $2.065 billion U.S. That’s up from a previous range of $1.974 billion U.S. to $2.034 billion U.S.
Prior to today (Oct. 30), SoFi stock had risen 26% over the last 12 months to trade at $6.87 U.S. per share.
