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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

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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