NEW YORK, July 31 (Reuters) - Shares of SoFi Technologies Inc (SOFI.O) rose by more than 22% on Monday, hitting highest level in more than a year, after the financial services provider reported second quarter results that beat analyst expectations.
That result exceeded the average analyst estimate of $476.2 million and $261.3 million for SoFi's revenue and NII, according to Refinitiv data.
SoFi's shares rose as high as $11.70, the highest level since March last year, before closing at $11.45 on Monday - a nearly 20% gain from the previous session.
"(Second quarter) results beat expectations and were largely positive with continued rapid member and deposit growth," Jefferies analysts, led by John Hecht, said in an investor note.
"We highlight that results were more from net interest income and less from fair value marks relative to our forecast, which represents recurring revenues," the analysts added.
Persons:
John Hecht, Jefferies, Chibuike Oguh, Medha Singh, Nick Zieminski, Susan Heavey
Organizations:
YORK, SoFi Technologies, JPMorgan, Jefferies, Wall, Thomson
Locations:
San Francisco, New York, Bangalore