SoFi Technologies, Inc. (SOFI) reported on Tuesday a net income of $58.06 million, or $0.05 per share, for the third quarter, compared to a net loss of $276.87 million, or $0.29 per share, in the same quarter last year. The financial services company also raised its full-year outlook.

SoFi Technologies recorded impairment expenses of $247.17 million in the previous year’s quarter.On average, 14 analysts had expected earnings of $0.04 per share for the quarter. Analysts’ estimates typically exclude special items.

SoFi Technologies Reports Strong Q3 2024 Earnings, Raises Revenue Outlook

Revenue for the quarter rose to $697.12 million from $537.21 million in the prior year, exceeding the consensus estimate of $632.33 million.

Net interest income of $431.0 million for the third quarter was up 25% year-over-year, driven by a 35% increase in average interest-earning assets.

Looking ahead, SoFi now expects adjusted revenue of $2.535 billion to $2.550 billion, up from the prior guidance of $2.43 billion to $2.47 billion.

The full-year adjusted EPS outlook has been raised to $0.11 to $0.12, up from the previous range of $0.09 to $0.10.

Analysts expect the company to report earnings of $0.11 per share on revenue of $2.45 billion for the year.

SoFi Technologies is a U.S.-based fintech company offering a variety of digital financial services, such as personal loans, student loan refinancing, mortgages, investments, and banking services. Founded in 2011, SoFi has become known for making financial products accessible to consumers through an online platform and a mobile app. In addition to its lending products, SoFi has expanded its offerings to include investment tools, credit cards, and financial planning services. The company also provides financial education and resources to help users better manage their personal finances.