SoFi Technologies Inc shares jumped 8.6% after reporting a tenth consecutive quarter of revenue growth as it delivered “record financial results.”
The one-stop shop for digital financial services said in the quarter ended September 30, revenue jumped 27% to $537.2 million from $424.0 million.
The company said revenue growth was driven by record revenue across all three of its business segments, with 67% of adjusted net revenue growth coming from its non-Lending segments - Technology Platform and Financial Services segments.
SoFi said it generated record adjusted Ebitda of $98 million, with a 48% adjusted Ebitda margin and a 18% margin overall, with all three business segments profitable as the Financial Services segment posted positive contribution profit for the first time.
Excluding the impact of a non-cash impairment of goodwill assets, the firm would have had a net loss of $19.5 million and an EPS loss of $0.03, reinforcing its confidence in achieving positive GAAP net income in the fourth quarter of 2023.
The consolidated net loss widened to $266.7 million from $74.2 million.