SoFi Technologies Raises Annual Profit Forecast Following Record Q3 Performance

According to BlockBeats, SoFi Technologies has increased its annual profit forecast beyond Wall Street expectations after reporting a surge in fee income and record performance in the third quarter. The company's stock rose by 3.8% in pre-market trading. SoFi has evolved from a student loan refinancing startup into a comprehensive financial services company, offering a range of services from IPO investments to credit cards and savings accounts. With a market capitalization of approximately $36 billion, SoFi's growth aligns with the trend of young consumers moving away from traditional banks towards app-based platforms. CEO Anthony Noto announced that SoFi plans to launch cryptocurrency trading this year and introduce the SoFi Dollar stablecoin in the first half of 2026. The company's adjusted revenue for the third quarter increased by 38% year-over-year to a record $950 million, surpassing the expected $886.6 million. Adjusted profit doubled to $0.11 per share for the three months ending September 30, exceeding the anticipated $0.08 per share.