NEW YORK: Shares of SoFi Technologies Inc rose by more than 22 per cent on Monday, hitting highest level in more than a year, after the financial services provider reported second quarter results that beat analyst expectations. SoFi's total net revenue rose 37 per cent to US$498 million, driven by strong g
NEW YORK: Shares of SoFi Technologies Inc rose by more than 22 per cent on Monday, hitting highest level in more than a year, after the financial services provider reported second quarter results that beat analyst expectations.
That result exceeded the average analyst estimate of US$476.2 million and US$261.3 million for SoFi's revenue and NII, according to Refinitiv data. San Francisco-based SoFi, which posted a net loss of US$47.5 million, said it expected to report a profit for the first time in the fourth quarter of this year. The company's total deposits grew 26 per cent to 12.7 billion in the quarter, powered by a 44 per cent growth in its customers to more than 6.2 million.
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