SoFi Technologies Reports Record Q3 Earnings, Raises Full-Year Outlook

Third-quarter results reveal strong growth in revenue, profit, and membership, boosting investor optimism.

SoFi Technologies (NASDAQ: SOFI) announced impressive third-quarter earnings, showing a net income of $58.06 million, or $0.05 per share, marking a significant improvement from last year’s net loss of $276.87 million, or $0.29 per share. The results exceeded analysts’ expectations, who had predicted EPS of $0.04, demonstrating SoFi’s resilience and strategic growth.

The company’s revenue climbed to $697.12 million, outpacing the $632.33 million analysts had forecasted and representing a substantial jump from $537.21 million in Q3 2023. This surge is largely driven by increased customer activity across SoFi’s expanding suite of lending and financial services. Net interest income, bolstered by a 35% increase in average interest-earning assets, rose 25% year-over-year to $431 million, highlighting the impact of SoFi’s focused lending strategy, particularly in personal and home loans.

Alongside strong financial performance, SoFi’s membership continues to grow rapidly, reaching 9.37 million as of September 30, up from 6.96 million a year prior. This growth underscores SoFi’s appeal to a wide range of customers seeking digital financial services, from banking to lending and investment options.

In light of this record-breaking quarter, SoFi has raised its full-year guidance. Adjusted net revenue is now expected to range between $2.535 billion and $2.550 billion, an upgrade from the previous forecast of $2.43 billion to $2.47 billion. Full-year adjusted EPS guidance has also been raised to $0.11–$0.12, up from $0.09–$0.10, indicating confidence in sustained growth through the end of the year.

Investor sentiment around SoFi remains positive, with Citi analyst Andrew Schmidt recommending that investors “get in ahead of earnings,” citing SoFi’s 77% stock surge since its early summer low. As shares continue to climb, SoFi’s stock rose another 3.3% in pre-market trading following the earnings release, reflecting the strong quarterly report and positive outlook.

SoFi’s trajectory of steady revenue growth and profitability showcases the company’s competitive edge in the financial technology space. CEO Anthony Noto emphasized SoFi’s commitment to balancing profitability with expansion. With increasing deposits and an anticipated tangible book value rise of $1–$1.05 billion, SoFi is well-positioned to capitalize on this momentum, offering both current and prospective investors a compelling growth story.