OppFi jumps on strong results, raises profit outlook

Oppfi

12/05/2023 10:30

** Shares of financial technology platform OppFi Inc
 OPFI.N  rise 12.2% to $2.30 premarket
    ** Q1 adj net income rises nearly 7-fold to $4.4 million and
Q1 revenue rises 19.5% to $120.4 million
    ** Co says Q1 results were driven by improvement in credit
performance due to model adjustments made last year, total
expense leverage and better than expected recoveries, payments
    ** OPFI raises 2023 adj EPS outlook to $0.28-$0.35 from
$0.26-$0.33
    ** Reiterates 2023 rev guidance of $500 million-$520 million
    ** Up to last close, stock is flat so far this year

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))