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SoFi sees lending volumes surge, but stock gives back its big gains

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Student-lending originations doubled in the third quarter

SoFi Technologies Inc. saw its student-lending business reignite in the latest quarter, but shares of the financial-technology company gave back their early gains — despite an upbeat outlook as well.

SoFi shares, which were up as much as 14% earlier Monday, had erased virtually all their gains by late morning. SoFi notched a third-quarter net loss of $266.7 million, or 29 cents a share, whereas it posted a loss of $84.4 million, or 9 cents a share, in the year-earlier period. Analysts tracked by FactSet were modeling an 8-cent loss per share.

SoFi also posted third-quarter adjusted Ebitda of $98 million, compared with $44 million on the non-GAAP metric in the year-earlier quarter. The FactSet consensus was for $65 million.

Source: Education Headlines (educationheadlines.net)

 

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