SoFi Technologies (SOFI) Jumps as Attributable Earnings Expand 1,000%

We recently published 10 Shock Winners on Wall Street. SoFi Technologies, Inc. (NASDAQ:SOFI) is one of the best-performing stocks on Monday.

Shares of SoFi Technologies grew by 6.57 percent on Tuesday to close at $22.40 apiece following an over 1,000 percent expansion in attributable net income in the second quarter of the year.

In its earnings statement, SoFi Technologies, Inc. (NASDAQ:SOFI) said net income attributable to shareholders expanded by 1,135 percent to $97.6 million from only $7.9 million in the same period last year. Revenues grew by 43 percent to $854.9 million from $598.6 million.

For the six-month period, attributable net income jumped by 462 percent to $169 million from $30 million year-on-year, while revenues rose 31 percent to $1.6 billion from $1.2 billion.

“We accelerated adjusted net revenue growth to 44 percent year-over-year, the highest level in over two years, driven by record high new members, as well as new products, and an increase in fee-based revenue,” said SoFi Technologies, Inc. (NASDAQ:SOFI) CEO Anthony Noto.

Given the strong semester, SoFi Technologies, Inc. (NASDAQ:SOFI) posted confidence of exceeding its full-year revenue guidance of $3.375 billion, or a 30-percent growth year-on-year, as compared with its previous outlook of 24-27 percent.

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