Shares of SoFi Technologies, Inc. (NASDAQ: SOFI) jumped nearly 8% in the pre-market trading Monday ahead of the release of Q2 results.
SoFi Technologies is set to announce its second-quarter results today, Monday, July 31, before the opening bell. Investors and industry experts are closely watching as the company’s performance is expected to be bolstered by robust growth in personal loans and other financial offerings.
In addition, the company’s innovative financial solutions have been drawing in a rapidly expanding customer base, further adding to the optimism surrounding the upcoming report.
Stephens analyst Vincent Caintic is closely eyeing SoFi stock ahead of the earnings release. Caintic initiated coverage with a Hold rating and a target price of $7. Caintic expressed confidence in the company’s credit profile while emphasizing the significance of closely monitoring the expense ratio, which could impact profitability.
Wall Street, too, is closely observing the unfolding situation, with estimated expectations forecasting a loss of $0.07 per share for Q2 – a notable improvement compared to the prior-year period’s loss of $0.12. Furthermore, revenue expectations are soaring at $475.87 million, showcasing a year-over-year surge of 22.2%.
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
