SoFi Technologies (NASDAQ:SOFI) shares initially rose Tuesday on the heels of the company’s third-quarter financial results but have since reversed. Here’s a look at the key metrics from the quarter.
Q3 Earnings: SoFi reported third-quarter adjusted sales of $689.445 million, beating analyst estimates of $632.328 million, according to Benzinga Pro. The company reported third-quarter earnings of 5 cents per share, beating estimates of 4 cents per share.
Q3 Earnings: SoFi reported third-quarter adjusted sales of $689.445 million, beating analyst estimates of $632.328 million, according to Benzinga Pro. The company reported third-quarter earnings of 5 cents per share, beating estimates of 4 cents per share.
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NewsTranscript
00:00SoFi reported sales of $689.4 million, which beat the estimate of $632 million,
00:07so significant beat there. EPS came in at $0.05, beat the $0.04 estimate. They said they see
00:15fiscal year 2024 revenue of $2.53 to $2.55 billion. Previously, that was $2.4 to $2.46,
00:22so raised the guidance above the estimates. Honestly, if you had given me this tape
00:29with the guidance and everything last night, I would have guessed that SoFi would be trading up
00:33much higher than it is right now. It did get up to about $1,190 or so,
00:37and now it's back down to $1,150. But I think this seems like SoFi has been kind of a growth
00:48company for a while that was not really making money, and now it seems like they might be turning
00:53a corner here. Yeah, story has turned for SoFi. We've been talking about it, the breakout over
00:59nine, the breakout over 10. I've been playing from the long side. It's been a good one there
01:04too, just buying it overnight because it seems like it's bid up every morning. Now, you have
01:08the earnings. So now, obviously, you know how I love to own stocks, how to reports. I've been
01:12buying this one every day ahead of the report, then flipping it out in the morning. I didn't
01:15take it through the report, though. I didn't have the guts. $1,143. Where did it get to, Joel?
01:21Almost $12. Almost $12 there. Almost got to $12, and you're leaking here. $1,199.
01:27You haven't been up at the $12. You haven't traded over $12 since March of 2022. But
01:37since we're here at $1,144, this is the one where you need to look right, just look right.
01:43If you triple top $11.30 area, you hold that, you're good to go. You're good to go north. You're
01:50good maybe to test that $12. Don't hold this $11.30, then you see the support at $11. But
01:58very important for up $0.24 after this big rally to keep a bid above that triple top.
02:05I got to think if you get a pullback to that $10 area, there's going to be buyers down there. Not
02:10saying it's going there today, but if you were looking for a long-term entry,
02:14I'd rate that number down because it's psychological. You kind of have turned the
02:18story. You'll probably get close to a 50% retracement back then. I think that's where
02:23I'd be looking to buy. But the story is hot right now, so if we continue, I would say at this point,
02:28if you were chasing it, I'd have to say you probably missed most of the move.