On August 3, SoFi Technologies Inc. rose 5.15% in regular trading, trading at $17.135/share, with turnover of $277 million. The stock continues its recovery trajectory following a strong Q2 earnings report.

The company reported Q2 adjusted earnings of $0.12 per diluted share, up 50% year-over-year, beating the consensus estimate of $0.11. Revenue reached $1.206 billion, representing approximately 43% year-over-year growth and significantly exceeding the $1.121 billion estimate. Management raised full-year adjusted net revenue guidance to $4.75 billion to $4.85 billion, above the prior $4.66 billion outlook and the FactSet estimate of $4.70 billion.

On earnings day, the stock initially fell over 7% as the company maintained its full-year adjusted EBITDA guidance at approximately $1.6 billion without an upward revision, compounded by profit-taking pressure. CEO Anthony Noto explained the decision was driven by uncertainty surrounding potential Fed rate hikes. Following several sessions of digestion, the market has refocused on the revenue and earnings beats, fueling a sustained recovery.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)