SoFi Technologies Inc. (SOFI:US) saw its stock rally 10% on Monday after the online lender raised its revenue forecast for 2023 and reported significant growth in deposits compared to the previous year.
SoFi now expects adjusted net revenue to be in the range of $2.05 billion to $2.07 billion, up from the previous range of $1.97 billion to $2.03 billion. This new guidance exceeded the consensus of $2.03 billion.
Additionally, the company raised its adjusted EBITDA guidance for the year, with the new range being $386 million to $396 million, compared to the previous range of $333 million to $343 million. The estimate was $344.9 million.
"We continue to see strong cross-buy trends from this attractive member base into Lending and other Financial Services products," CEO Anthony Noto said.
In the third quarter, SoFi reported adjusted net revenue of $530.7 million, reflecting a 27% year-over-year increase. This result exceeded the estimate of $512.7 million.
However, the company reported a loss per share of $0.29, compared to a loss of $0.09 cents per share in the same period the previous year.
Total deposits grew by $2.9 billion, up 23% during the third quarter to $15.7 billion at quarter-end.