Stock Market Today, Oct. 27: SoFi Soars 13% After Beating Estimates and Raising Guidance
SoFi Technologies (NASDAQ:SOFI), a digital financial services platform spanning lending, banking, investing, and technology, closed at $16.40, up 13.42%. SoFi climbed after beating Q3 revenue and earnings estimates and raising full-year guidance. Investors were watching the earnings call for credit trends, loan demand, deposits, and 2027 guidance. Trading volume reached 158.8M shares, coming in about 209% above its three-month average of 51.4M shares. SoFi Technologies IPO'd in 2021 and has grown 34% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) rose 0.60% to 7,723, and the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.18% to 26,478. In consumer finance and digital banking/fintech, Upstart Holdings (NASDAQ:UPST) closed at $23.71, up 3.09%.
What this means for investors
By most measures, it looked like an excellent Q3 earnings call for SoFi Technologies, as:
- net revenue rose 44%
- adjusted EPS soared 64%
- total members increased 35%
- total (financial) products jumped 44%
- products per member inched up to 1.56 from 1.47 last year
On top of these figures, management raised 2026 revenue guidance from $4.9 billion at the midpoint to $5.04 billion, and set an adjusted EPS target of $0.90.
As a shareholder, my favorite quote from the earnings report came from CEO Anthony Noto, who explained, "We see a clear path to achieving 100 million products by the end of 2030, which is a 4x increase from where we stand today."
SoFi currently trades at 18 times its forward EPS guidance, so this potential cross-selling growth potential isn't outrageously priced if management can deliver on its ambitious goals. I'm perfectly happy to keep holding my shares and think SoFi offers outperformance potential over the long haul as it continues to grow beyond its student loans roots into a full-suite bank.
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Josh Kohn-Lindquist has positions in SoFi Technologies and Upstart. The Motley Fool has positions in and recommends Upstart. The Motley Fool has a disclosure policy.
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