Earnings Results: SoFi stock surges after earnings beat as personal-lending business keeps roaring

May 1, 2023

Shares of SoFi Technologies Inc. roared 7% higher in premarket trading Monday after the financial-services company easily topped earnings expectations for its latest quarter while seeing continued strength in personal lending.

The company reported a first-quarter net loss of $34 million, or 5 cents a share, whereas it recorded a loss of $110 million, or 14 cents a share, in the year-prior period. Analysts tracked by FactSet were expecting 8 cents a share in GAAP earnings.

SoFi…

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