Shares of SoFi Technologies (NASDAQ:SOFI) rose more than 13% on Tuesday after the digital financial services provider issued an optimistic growth forecast.
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More members, products, and profits
SoFi’s adjusted net revenue surged 44% to $1.4 billion in the third quarter.
The fintech is working to create an “everything app” that people can use to save, invest, and obtain loans. The strategy appears to be working. SoFi’s members jumped 35% to 17.1 million, while its financial products grew by 44% to 26.7 million.
“Our focus is simple,” CEO Anthony Noto said. “We are adding more members, who are using more products, and generating more revenue per product to create the most value for our shareholders over the long run.”
All told, SoFi’s adjusted net income soared 74% to $243 million, while adjusted earnings per share increased 64% to $0.18.
Plenty of room for further growth
SoFi now sees full-year adjusted net revenue growing by 40% to $5.04 billion in 2026, with net income of $840 million and $0.61 in earnings per share.
Better still, management expects adjusted net revenue and EPS to rise to $6.4 billion and $0.90, respectively, in 2027.
Noto is confident that SoFi has a long runway for further expansion.
“Our conviction in the opportunity ahead has never been greater,” Noto said.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Why SoFi Stock Popped Today was originally published by The Motley Fool
