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SoFi Raised Its Revenue Outlook. Its Stock Jumped—Then Retreated
Shares of SoFi Technologies jumped Monday morning after the fintech company
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raised its full-year outlook for revenue and adjusted earnings, saying it expects to post a profit for the fourth quarter.
By the afternoon, those gains were mostly gone. The stock, which rose 15% at its intraday high, moved into the red, then finished up 1%, snapping a three-session losing streak.
Chief Executive Anthony Noto, citing the company’s third-quarter performance, said SoFi expects to achieve positive non-adjusted profit in the current quarter. Analysts surveyed by FactSet expected a fourth-quarter loss of a penny a share.
