SoFi Technologies Q3 Loss Wider, But Beats Estimates; Raises Guidance – Update
October 30, 2023(Adds Outlook)
SoFi Technologies, Inc. (SOFI) revealed Loss for its third quarter that increased from the same period last year and missed the Street estimates.
The company’s bottom line came in at -$276.873 million, or -$0.29 per share. This compares with -$84.398 million, or -$0.09 per share, in last year’s third quarter.
Excluding items, SoFi Technologies, Inc. reported adjusted earnings of -$29.699 million or -$0.03 per share for the period.
Analysts on average had expected the company to earn -$0.07 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 26.7% to $537.209 million from $423.985 million last year.
Outlook:
Looking ahead, for full year 2023, the company has revised up its guidance. SOFI now expects adjusted revenue of $2.045 billion to $2.065 billion, up from its prior guidance of $1.974 billion to $2.034 billion.
On average, 12 analysts polled by Thomson Reuters expect the firm to post revenue of $2.02 billion, for the year. Analysts’ estimates typically exclude special items.
Full-year adjusted EBITDA now projected to be in the range of $386 million to $396 million, up from its prior guidance of $333 million to $343 million, representing a 48 percent incremental adjusted EBITDA margin and a range of 18.9 percent to 19.2 percent adjusted EBITDA margin.
SoFi Technologies, Inc. earnings at a glance (GAAP) :
-Earnings (Q3): -$276.873 Mln. vs. -$84.398 Mln. last year.
-EPS (Q3): -$0.29 vs. -$0.09 last year.
-Analyst Estimate: -$0.07
-Revenue (Q3): $537.209 Mln vs. $423.985 Mln last year.
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