Oportun Financial Corporation (NASDAQ:OPRT) reported Q2 EPS of $0.11, $0.01 better than the analyst estimate of $0.10. Revenue for the quarter came in at $226 million versus the consensus estimate of $216.08 million.
“Our strong second quarter results are a testament to how we’ve positioned Oportun to deliver responsible, profitable growth. We met or exceeded each of our guidance metrics, highlighted by originations growth of 103% to $878 million, and total revenue growth of 63% to $226 million," said Raul Vazquez, CEO of Oportun. "I’m pleased that our membership grew at an annualized rate of 38% to 1.8 million, while product adoption again outpaced revenue at an annualized rate of 45%. We also accessed the debt capital markets twice since the end of the first quarter, reflecting investors’ confidence in our strong financial position. This funding along with our recent geographic and product expansions will allow us to continue to serve our members, while prudently tightening credit and limiting expense growth. Our guidance reflects that 2022 will be yet another profitable year for Oportun, although we are upwardly revising our charge-off guidance and lowering our profit expectations, reflecting a weakening macroeconomic backdrop. Looking past this year, we have confidence in our ability to navigate the current environment, and the adjustments we are currently making will position us well for continued profitable growth in 2023 and beyond."