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Lending Platform SoFi's Revenue Jumps 56% in Q3
The company's Nasdaq-listed shares rose 13% in premarket trading.
Updated May 9, 2023, 4:01 a.m. Published Nov 1, 2022, 11:56 a.m.
Nasdaq-listed SoFi (SOFI), an online lending platform, said Tuesday that its third-quarter revenue rose 56% from the year-earlier quarter to $424 million.
The platform, which has a digital-asset trading subsidiary, also said in a filing with the U.S. Securities and Exchange Commission that its earnings before interest, taxes, depreciation and amortization (Ebitda) surged to $44.3 million in the quarter, more than quadruple the $10.3 million from a year earlier.
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Membership rose 1.8 million from a year ago to 4.7 million. That included an increase of 424,000 in the last quarter.
Shares of SoFi rose 13% to $6.17 in premarket trading.
Read more: WisdomTree's Q3 Crypto Assets Under Management Falls 36%
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