SoFi Technologies (NASDAQ:SOFI) stock is on the rise Monday after the financial services company released results for the second quarter of 2023.
The good news for SOFI stock starts with its EPS of -6 cents. That’s better than the -7 cents per share that Wall Street was expecting for the quarter. It’s also narrower than the -12 cents per share reported during the same period of the year prior.
To go along with that, the company reported revenue of $488.82 million for Q2. That’s another win for SOFI stock next to analysts’ revenue estimate of $473.37 million. It also represents a 37% increase from the $362.53 million in revenue reported in Q2 2022.
Anthony Noto, CEO of SoFi, provided the following insight into the earnings report:
“Total deposits grew by $2.7 billion, up 26% during the second quarter to $12.7 billion at quarter-end, and over 90% of SoFi Money deposits (inclusive of Checking and Savings and cash management accounts) are from direct deposit members.”
SOFI Stock Jumps on Outlook
SoFi includes an updated outlook for the full year of 2023 in its latest earnings report. The company expects revenue to range from $1.974 billion to $2.034 billion for the year. That’s not looking bad next to Wall Street’s 2023 estimate of $2 billion. It’s also higher than SoFi’s previous guidance of $1.955 billion to $2.02 billion.
Along with this earnings report comes heavy trading of SOFI stock. Over 57 million shares have changed hands as of this writing. For comparison, the company’s daily average trading volume is below that at around 55 million shares.
SOFI stock is up 18.9% as of Monday morning.
Investors looking for more of the most recent stock market news will want to stick around!
InvestorPlace is home to all of the latest stock market news on Monday! Among that is what’s moving shares of Palantir (NASDAQ:PLTR), Sonnet BioTherapeutics (NASDAQ:SONN) and Navidea Biopharmaceutical (NYSEMKT:NAVB) stock today. You can read up on all these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
