Benzinga | Nov 11, 2021 10:59AM EST

Why SoFi Technologies Stock Is Trading Higher Today

SoFi Technologies Inc (NASDAQ:SOFI) is trading significantly higher Thursday after the company announced better-than-expected third-quarter financial results and issued guidance above estimates.

SoFi reported a quarterly earnings loss of 5 cents per share, which beat the estimate for a loss of 14 cents per share. The company reported quarterly revenue of $277.19 million, which beat the estimate of $255.63 million.

SoFi announced that it added 377,000 new members during the third-quarter.

SoFi expects fourth-quarter adjusted net revenue to be in a range of $272 million to $282 million versus the estimate of $274.9 million.

Related Link: SoFi Q3 Earnings Highlights: 377,000 New Members, Record Lending Revenue And More

"I believe we've accomplished more at SoFi across our uniquely diversified platform of mobile-first financial services products over the past year than many other companies will achieve in a lifetime," said Anthony Noto, CEO of SoFi.

SoFi is a financial services company that was initially known for its student loan refinancing business, but the company has expanded its product offerings to include personal loans, credit cards, mortgages, investment accounts, banking services and financial planning.

SOFI Price Action: SoFi has traded as high as $24.95 and as low as $13.56 since it went public in June.

The stock was up 15.30% at $23.54 at time of publication.