{"id":6907,"date":"2024-10-29T16:13:48","date_gmt":"2024-10-29T16:13:48","guid":{"rendered":"https:\/\/finderica.com\/sofi-boosts-profit-forecast-again-amid-financial-services-push\/"},"modified":"2024-10-29T16:13:48","modified_gmt":"2024-10-29T16:13:48","slug":"sofi-boosts-profit-forecast-again-amid-financial-services-push","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=6907","title":{"rendered":"SoFi boosts profit forecast again amid financial services push"},"content":{"rendered":"
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SoFi Technologies Inc. raised its profit guidance for a third time this year as the fintech benefited from efforts to diversify beyond the student-lending business that made its name.<\/p>\n

The company forecast earnings per share of 11 cents to 12 cents for 2024, after lifting that range for a\u00a0second time<\/a><\/ps-link>\u00a0just three months ago, to 9 cents to 10 cents. It also raised its guidance for adjusted net revenue to $2.535 billion to $2.55 billion, up from an earlier range of $2.425 billion and $2.465 billion, it said in a statement Tuesday.<\/p>\n

The San Francisco-based company reported record adjusted net revenue of $689 million for the third quarter, fueled by a 64% jump in financial services and tech platform segments, or its non-lending businesses. Fee-based revenue of $174 million for the period accounted for about a quarter of its adjusted net revenue, it said.<\/p>\n

“It’s official, we’re not just a lender anymore,” Anthony Noto, SoFi’s chief executive officer, said in an interview. “We feel really good about the environment we’re entering \u2014- it’s actually the best environment we’ve ever operated in.”<\/p>\n

Shares of the company rose 1.8% in early New York trading.<\/p>\n

Noto has expanded the company beyond student-lending into a financial services one-stop shop, with savings, investing, lending and other offerings. He’s seeking to build a more diversified, less capital-intensive business and secured a\u00a0bank charter<\/a><\/ps-link>\u00a0in 2022.<\/p>\n

SoFi announced earlier this month\u00a0an agreement<\/a><\/ps-link>\u00a0to use $2 billion of Fortress Investment Group’s funds to originate personal loans, sending shares rising at the time. While not an uncommon relationship for financial-technology companies, the sum was noteworthy for the loan-platform business SoFi aims to build out.<\/p>\n

The company said its loan-platform business also posted record results, fueled by $1 billion of personal loan volume for third parties, it said. Net income was $60.7 million for the period, according to the statement.<\/p>\n<\/div>\n

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SoFi Technologies Inc. raised its profit guidance for a third time this year as the fintech benefited from efforts to diversify beyond the student-lending business that made its name. The company forecast earnings per share of 11 cents to 12 cents for 2024, after lifting that range for a\u00a0second time\u00a0just three months ago, to 9<\/p>\n","protected":false},"author":1,"featured_media":6908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[1686,191,1688,1687,1000,472,648],"class_list":{"0":"post-6907","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-boosts","9":"tag-financial","10":"tag-forecast","11":"tag-profit","12":"tag-push","13":"tag-services","14":"tag-sofi"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6907"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/6908"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}