SoFi Technologies Inc (NASDAQ: SOFI) is up about 15% this morning after reporting better than expected results for its fiscal fourth quarter.
SoFi issues upbeat full-year guidance
More importantly, the digital financial services firm offered upbeat guidance for the full year on Monday. SoFi Technologies Inc now forecasts $260 million to $280 million in adjusted EBITDA this year.
In comparison, analysts were at $246 million instead. Its current quarter outlook also topped estimates. CEO Anthony Noto said in the earnings press release:
Our continued strong growth and significant improvement in GAAP net income margin position us very well in 2023 for another year of significant revenue and EBITDA growth and for reaching GAAP net income profitability in Q4.
SoFi stock is now up roughly 50% for the year.
SoFi Technologies’ Q4 earnings snapshot
Lost $40 million versus the year-ago $111 million
Per-share loss also narrowed from 15 cents to 5 cents
Revenue climbed 60% year-on-year to $456.7 million
Consensus was 9 cents loss on $423 million revenue
SoFi Bank noted a 46% sequential growth in deposits
Student-loan and home-loan originations tanked 72% and 84%, respectively. Personal-loan originations, though, went up 50% in Q4. Noto also said:
Strong momentum in member and product adds, and products added from cross-buy, reflects benefit of our broad product suite and FSPL strategy. We added nearly 480K new members (up 51%) and 695K new products (up 53%) in Q4.
Wall Street currently has a consensus “overweight” rating on the SoFi stock.
The post SoFi stock is up 15% on Monday: here’s the catalyst appeared first on Invezz.