Figure Technology (FIGR) Jumps 16% on Q3 Blowout

We recently published Lackluster Market? Not for These 10 Soaring Stocks. Figure Technology Solutions, Inc. (NASDAQ:FIGR) is one of the best-performing stocks on Friday.

Figure Technology soared by 16.33 percent on Friday to close at $40.24 apiece as investors took heart from a strong earnings performance in the third quarter of the year.

In an updated report, Figure Technology Solutions, Inc. (NASDAQ:FIGR) said it grew its net income by 228 percent to $89.8 million from $27.4 million in the same period last year.

Revenues jumped by 54 percent to $156 million from $101 million year-on-year on the back of consumer loan market volume expansion, which soared by 70 percent year-on-year to $2.5 billion, and included Figure Connect volume of $1 1 billion.

Figure Technology (FIGR) Jumps 16% on Q3 Blowout

Looking ahead, Figure Technology Solutions, Inc. (NASDAQ:FIGR) aims to maintain an annual EBITDA margin above 60 percent, of which the Figure Connect segment is expected to represent 60 percent of the total.

In other news, Figure Technology Solutions, Inc. (NASDAQ:FIGR) said it sought the approval of the Securities and Exchange Commission (SEC) for its proposed public offering of tokenized stocks called “Series A Blockchain Common Stock.”

The tokenized stocks will not be listed on any legacy exchange, but will trade on the company’s alternative trading system and be convertible into Class A common shares.

While we acknowledge the risk and potential of FIGR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than FIGR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.