SoFi (SOFI) to report earnings tomorrow: here is what to expect
Digital financial services company SoFi Technologies (NASDAQ:SOFI) will be reporting results this Tuesday before market open. Here’s what to look for.
SoFi beat analysts’ revenue expectations last quarter, reporting revenues of $1.21 billion, up 40.5% year on year. It was an exceptional quarter for the company, with a solid beat of analysts’ transaction volumes and EBITDA estimates.
Is SoFi a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting SoFi’s revenue to grow 33.1% year on year, slowing from the 37.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. SoFi has a history of exceeding Wall Street’s expectations.
Looking at SoFi’s peers in the consumer finance segment, some have already reported their Q3 results, giving us a hint as to what we can expect. FirstCash delivered year-on-year revenue growth of 17.7%, beating analysts’ expectations by 2.4%, and Enova reported revenues up 25.7%, topping estimates by 0.7%. FirstCash traded down 20.3% following the results while Enova was also down 6.7%.
Read our full analysis of FirstCash’s results here and Enova’s results here.
Investors in the consumer finance segment have had steady hands going into earnings, with share prices up 1.5% on average over the last month. SoFi is down 8.5% during the same time and is heading into earnings with an average analyst price target of $20.23 (compared to the current share price of $14.60).
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