Figure's Q2 Profit Nearly Triples; Guides Q3 Volume Up to $5.2B
FIGR sits 32% above its 52-week low of $24.11 on elevated volume (2.6× avg).
Summary
Figure's Q2 net income jumped 192% to $87 million on revenue of $226 million, with consumer loan marketplace volume up 132% to $4.3 billion. The company added 102 loan-origination partners, bringing the total to 489, and weekly loan applications surpassed $1 billion in July. Management guided Q3 marketplace volume to $4.8–$5.2 billion, implying continued strong growth. This follows the preliminary Q2 results released in July and the Kiavi acquisition announced in June, which is expected to further expand the lending platform.
At the time of this announcement, FIGR was trading at $31.92 on NASDAQ in the Finance sector, with a market capitalization of approximately $7B. The 52-week trading range was $24.11 to $78.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Cointelegraph.