SoFi Technologies Stocks Surge after Posting Its First Ever Quarterly Profit
SoFi Technologies Inc. (SOFI) reported its first ever quarterly profit, sending its shares soaring in pre-market trading.
Key Financial Highlights:
- Total net revenue was $645.0 million, up from $472.2 million a year earlier.
- Net income was $75.8 million, or $0.16 per share, compared to a net loss of $36.3 million, or $0.07 per share, in the same period last year.
- SoFi's lending business performed particularly well, with originations increasing by 125% year-over-year.
SoFi's strong financial results reflect the growing demand for its products and services. The company offers a range of financial products, including student loans, personal loans, mortgages, and investing accounts. SoFi has also been expanding its suite of financial advisory services, which has helped it to attract new customers.
The company's stock has been on a tear in recent months, rising by over 100% since the start of the year. SoFi shares are now trading at around $25 per share, up from a low of around $12 per share in March 2020.
SoFi's strong financial performance and positive market sentiment have made it one of the most promising fintech companies in the market. The company is well-positioned to continue growing its business and delivering value to its shareholders.
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