SoFi Technologies Inc. (SOFI) shares soared 12.44% in after-hours on Wednesday, November 10, 2021, and closed the daily trading at $22.96. However, in the regular trading session, SOFI’s stock lost 7.77%. SOFI shares have moved down 11.06% in the past week. Over the past three months, the stock has gained 16.95%, while over the past six months, it has jumped 39.77%.
Let’s see what’s going on recently with the company?
SOFI latest development
On November 10, 2021, SoFi Technologies, Inc. announced financial results for its third quarter ended September 30, 2021.
Q3 2021 financial highlights
- SOFI reported total net revenue of $272 million in Q3 2021 compared to $200.8 million in Q3 2020.
- Total non-interest expenses were $301.87 million compared to $243.5 million in Q3 2020.
- It suffered a net loss of $30.04 million in Q3 2021 compared to a net loss of $42.9 million in Q3 2020.
- Adjusted EBITDA was $10.3 million in Q3 2021 compared to $33.5 million in Q3 2020.
Q4 2021 financial outlook
For Q4 2021, the company is expecting,
- Adjusted net revenue in the range of $272 million to $282 million.
- Adjusted EBITDA in the range of $2 million to $5 million.
FY 2021 financial outlook
The company revised its financial outlook for FY 21 and is now expecting,
- Adjusted net revenue in the range of $1.002 billion to $1.012 billion.
- Adjusted EBITDA in the range of $28 million to $31 million.
SOFI partnership with FPA
On November 09, 2021, SOFI and the Financial Planning Association® (FPA) announced a strategic partnership between the two organizations designed to benefit nearly 19,000 FPA financial planning practitioner members and the clients they serve.
FPA members will get preferred rates and exclusive access to a suite of financial solutions, services, and educational resources and will support the hundreds of thousands of consumers the organization’s members are already guiding on their path to financial independence.
Redemption of SOFI outstanding Warrants
On November 04, 2021, SoFi Technologies, Inc. announced to redeem all of its outstanding warrants to purchase shares of the Company’s common stock, par value $0.0001 per share that were issued under the Warrant Agreement on October 8, 2020. In addition, the Company will redeem all of its outstanding warrants to purchase Common Stock that was issued under the Warrant Agreement in a private placement simultaneously with the IPO on the same terms as the outstanding Public Warrants.
Conclusion
The SOFI stock turnaround in the after-hours after the company released its Q3 financial results. We can expect it to continue its momentum on Thursday as well.
