Shares of SoFi Technologies (SOFI) jumped 10% in pre-market trading on Tuesday after the company delivered a strong quarter and raised its full-year outlook for the second time. The fintech firm posted record adjusted net revenue of $858 million, marking a year-over-year growth of 44%. Meanwhile, adjusted earnings of 8 cents per share surpassed Bloomberg’s consensus estimate of 6 cents.
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The company’s strong performance was driven by record member growth, adding 850,000 new users in the quarter. This brings its total membership to 11.7 million, up 34% year-over-year. The company also expanded its product offerings, adding 1.26 million new products to reach 17.1 million, reflecting a similar 34% annual increase.
SoFI Raises Full-Year Guidance
SoFi’s management has raised its outlook for 2025, thanks to a strong first half of the year.
The company now forecasts adjusted net revenue of about $3.375 billion for the full year, above the previous high-end estimate of $3.310 billion. This suggests annual growth of around 30%, compared to the earlier projection of 24% to 27%.
Furthermore, adjusted EBITDA is now expected to reach $960 million, topping the previous range of $875 to $895 million. The company also raised its GAAP net income forecast to approximately $370 million, up from its earlier guidance of $320 to $330 million.
Is SoFi Stock a Good Buy?
According to TipRanks’ consensus, SOFI stock has a Moderate Buy consensus rating based on five Buys, nine Holds, and three Sells assigned in the last three months. At $17.08, the average SoFI stock price target implies a downside of 19%.
However, it’s important to note that these ratings could change following today’s earnings report.
