SoFi stock jumps 20% on raised outlook

SoFi Technologies Inc (NASDAQ: SOFI) is up 20% this morning after reporting market-beating results for its second financial quarter.

SoFi raised its full year guidance

Investors are cheering the raised guidance as well. The financial technology company now forecasts up to $343 million in adjusted EBITDA this year. In the earnings press release, CEO Anthony Noto said:

The Nasdaq-listed firm added over 584,000 new members in its recently concluded quarter and 847,000 new products.

SoFi stock is now up a whopping 150% versus the start of the year.

SoFi Q2 financial highlights

• Net loss printed at $58 million versus the year-ago $106 million
• Per-share loss also narrowed materially from 12 cents to 6 cents
• Revenue jumped 37% on a year-over-year basis to $498 million
• FactSet consensus was 7 cents loss on $486 million in revenue
• Deposits increased by $2.7 billion to hit $12.7 billion in total

What else was noteworthy?

Also a positive in its earnings report today was whole-loan sales that brought in $340 million. According to Michael Perito – a KBW analyst:

Personal-loan originations, student-loan originations, and home-loan originations were up 27%, down 1%, and down 27%, respectively.

Wall Street currently has a consensus “hold” rating on SoFi stock.