Oct 27 (Reuters) – SoFi Technologies shares climbed 9% in premarket trading on Tuesday after the fintech raised its annual revenue forecast and beat Wall Street estimates for third-quarter results on strong demand.
Resilient customers have helped keep credit demand steady despite the pressure from higher borrowing and living costs, giving companies room to expand lending and boost interest income.
Here are more details:
• SoFi’s adjusted net revenue surged 44% to a record $1.4 billion in the third quarter, beating expectations of $1.25 billion, according to LSEG estimates
• Its membership climbed 35% to a record 17.1 million in the quarter
• The fintech now expects full-year revenue of $5.04 billion, well above Street expectations of $4.87 billion
• “We had exceptional Q3 results against the backdrop of any environment, but they are even more remarkable given how 2026 has unfolded,” CEO Anthony Noto said in a statement
• Fintech firms such as SoFi have been challenging traditional banks by expanding their product offerings and using digital-first platforms to attract and retain customers
• SoFi said it continues to expect total members to grow by at least 30% year over year
• Its quarterly adjusted profit of 18 cents per share also topped estimates of 16 cents
• The company, which has a market cap of about $18.7 billion, said it expects revenue to grow roughly 27% in 2027
(Reporting by Manya Saini in Bengaluru; Editing by Sriraj Kalluvila)
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