SoFi Discloses Crypto Business for the First Time; Q3 Crypto Trading Revenue Reaches $162 Million

TechFlow news, October 28 — According to The Block, U.S. fintech company SoFi separately disclosed crypto business data in its latest earnings report for the first time: as of the end of Q3, crypto product users reached 503,000, and total quarterly crypto trading revenue was $161.6 million, up 20% quarter-over-quarter, but net revenue after related costs was only $1.6 million. SoFi's Q3 net revenue reached a record $1.39 billion, up 44% year-over-year, with net income of $241 million. Boosted by the earnings report, SoFi's shares briefly rose nearly 15% in Tuesday morning trading, but remain down about 40% year-to-date.

Source: TechFlow