SoFi Technologies Inc (NASDAQ:SOFI) reported financial results for the third quarter before the market open on Tuesday. Here’s a rundown of the report.
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Q3 Highlights: SoFi reported third-quarter revenue of $949.63 million, beating analyst estimates of $886.17 million, according to Benzinga Pro. The company reported third-quarter adjusted earnings of 11 cents per share, beating estimates of 8 cents per share.
Total revenue was up 38% year-over-year as fee-based revenue climbed 50%. Members grew 35% year-over-year to 12.6 million after adding 905,000 during the quarter and products increased 36% year-over-year to 18.6 million. The company said total deposits grew $3.4 billion to $32.9 billion.
SoFi originated $9.9 billion in loans during the quarter, up 57% year-over-year, reflecting strong demand across personal, student and home loans. The company noted that its annualized charge-off rate decreased by more than 20 basis points for both personal loans and student loans compared to the prior quarter.
SoFi ended the quarter with approximately $3.25 billion in cash and cash equivalents.
“SoFi delivered an exceptional third quarter, fueled by the strength of our innovation and the power of our one-stop shop strategy,” said Anthony Noto, CEO of SoFi.
“Our ability to consistently deliver durable growth, strong returns, and exceptional credit performance proves that our strategy is battle-tested and built to outperform. The opportunity before us is massive and SoFi is executing from a position of unparalleled strength.”
What’s Next: SoFi raised its full-year 2025 revenue guidance from $3.38 billion to $3.54 billion versus estimates of $3.43 billion. The company also raised its full-year adjusted earnings forecast from 31 cents per share to 37 cents per share versus estimates of 31 cents per share.
SoFi said it expects to add at least 3.5 million new members in full-year 2025, which represents approximately 34% growth from 2024 levels.
SoFi’s management team will further address full-year guidance on its earnings call, which kicked off at 8 a.m. ET.
SOFI Price Action: SoFi shares are hitting new highs, last up 3.63% at $31.10 on Tuesday, according to Benzinga Pro.
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