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SoFi stock rockets as earnings deemed ‘outstanding’

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Shares of SoFi Technologies Inc. were flying higher in premarket trading Tuesday after the financial-technology company posted results that were dubbed “outstanding” by one analyst.

Though the company continues to be negatively impacted by the student-loan moratorium, SoFi
SOFI,
-0.18%

exceeded expectations with its latest financials amid strength in other business areas as the company is seeing early benefits from its banking charter.

Shares were up more than 16% in premarket action Tuesday.

Revenue for the third quarter surged to $424.0 million from $272.0 million, while analysts tracked by FactSet were modeling $399.2 million, based on a sampling of three estimates.

SoFi also posted a comprehensive loss of $75.8 million, or 9 cents a share, whereas it lost $30.0 million, or 5 cents a share, in the year-before quarter. The FactSet consensus, based on four estimates, was for a 10-cent loss on a per-share basis.

The company notched adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of…

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