Why Shares of SoFi Rebounded Today
Shares of SoFi Technologies (NASDAQ: SOFI) rose nearly 8% in the final half-hour of trading. Shares fell yesterday after the company reported its third-quarter earnings report. SoFi reported $0.05 of diluted earnings per share on revenue of more than $697 million, beating analyst estimates for both metrics.
SoFi also raised guidance for the full year of 2024, projecting adjusted-net revenue in the range of $2.535 billion to $2.550 billion of revenue. Management also raised their guidance for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to a range of $640 million to $645 million.
Heading into earnings, the consensus-analyst estimates for adjusted revenue and adjusted EBITDA were $2.45 billion and $615 million, respectively, according to Visible Alpha, so it was a nice raise to EBITDA guidance.
Source Fool.com
