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BOA Acquisition Corp is a blank check company. It is primarily formed for the purpose of effecting merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any business combination target, and may pursue an acquisition opportunity in any stage of its corporate evolution, any industry or geography. It intends to focus its search on businesses that provide technological solutions and innovation to the broader real estate industry,

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SoFi stock shoots higher after earnings are 'very strong on nearly every metric'

8:25 am ET November 11, 2021 (MarketWatch)

By Emily Bary

The company points to success in cross-selling its products to existing members

Shares of SoFi Technologies Inc. surged in after-hours trading Wednesday after the financial-technology company posted better-than-expected earnings amid strong growth in members and product uptake.

The company posted a third-quarter net loss of $30.0 million, compared with a loss of $42.9 million in the year-prior quarter.

SoFi (SOFI) reported $10.3 million in adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda), which is a non-GAAP metric, whereas it recorded $33.5 million in Ebitda a year earlier. Analysts tracked by FactSet were expecting adjusted Ebitda of $3.8 million.

Revenue at SoFi rose to $272.0 million on a GAAP basis from $200.8 million a year earlier. FactSet doesn't list a consensus estimate for SoFi's GAAP revenue.

Shares shot up more than 12% in after-hours trading Wednesday following a 7.7% decline for the stock during the regular session.

"The stock has been a strong performer of late, which also raises the bar from an expectations perspective," Mizuho analyst Dan Dolev wrote. "That said, the quarter was very strong on nearly every metric."

The company had 2.94 million members, up from 2.56 million in the June quarter. SoFi reported total products of 4.27 million as of the third quarter, up from 3.67 million as of the second quarter.

"The third quarter was our second-highest ever for both member and product growth," SoFi Chief Executive Anthony Noto said in a statement.

The company further noted in the release that "sequential product growth exceeded our member growth in absolute terms in the third quarter, indicating high product satisfaction and greater willingness to adopt additional products." The third quarter was SoFi's best in terms of driving "cross-buying" of products by its existing members.

SoFi saw big growth in its financial services segment, where total products increased to 3.2 million from 1.2 million a year earlier. Total net revenue for this portion of the business increased to $12.6 million from $3.2 million.

The company saw 15% growth in its lending products on a year-over-year basis, which was driven by personal and student loan additions. Total net revenue in the lending business rose to $210.3 million from $162.1 million.

The company's technology platform delivered total net revenue of $50.2 million, up from $38.8 million a year prior.

SoFi shares have risen 64% so far this year as the S&P 500 has gained 24%.

-Emily Bary


(END) Dow Jones Newswires

November 11, 2021 08:25 ET (13:25 GMT)

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