SoFi Technologies Inc (NASDAQ:SOFI) shares are trading higher by around 6% after the company reported better-than-expected Q3 FY23 results and raised FY23 outlook.

Adjusted revenue increased 27% Y/Y to $530.7 million, beating the consensus of $512.1 million.

SoFi added over 717,000 new members in Q3, bringing its total member count to over 6.9 million (+47% Y/Y). 

SoFi also added around 1.047 million new products in Q3, with a total count of over 10.4 million total products (+45% Y/Y) at the end of the quarter.

In the Financial Services segment, total products rose by 50% Y/Y to 8.9 million. 

SoFi Money (inclusive of Checking and Savings and cash management accounts) rose 53% Y/Y to 3.1 million products. 

Adjusted EBITDA rose by 121% Y/Y to $98.0 million, representing a 48% incremental EBITDA margin.

Adjusted loss per share came in at $(0.03), beating the consensus of $(0.07). 

Total deposits grew 23% Y/Y to $15.7 billion at the end of Q3, with more than 90% of SoFi Money deposits (including Checking and Savings and cash management accounts) coming from direct deposit members.

Outlook Raised: For FY23, the company raised the outlook for adjusted net revenue to $2.045 billion-$2.065 billion (from $1.974 billion-$2.034 billion, vs. consensus of $2.02 billion) and adjusted EBITDA to $386 million-$396 million (from $333 million-$343 million), representing a 48% incremental adjusted EBITDA margin (vs. 40%-44% earlier).  

The company expects to achieve positive GAAP net income in Q4 2023 and projects depreciation and amortization and share-based compensation expenses to increase in the mid-to-high single-digit percentage range in the quarter vs Q3.

Earlier this month, SoFi subsidiary Galileo Financial Technologies announced that it's Buy Now, Pay Later offering can now be offered by lenders as an option for small business clients. 

Price Action: SOFI shares are up 6.26% at $7.30 premarket on the last check Monday.