SoFi Technologies Shares Rally As Quarterly Results Beat View

(RTTNews) - Shares of financial services firm, SoFi Technologies, Inc. (SOFI) are surging more than 20% Monday morning after reporting upbeat quarterly results above the Street view.

The company reported a profit of $24.62 million or $0.02 per share for the fourth quarter, compared with a loss of $50.2 million or $0.05 per share a year ago. Analysts on average, polled by Thomson-Reuters expected the company to report breakeven per share.

Revenue for the quarter grew 35% to $615.4 million from $456.68 million a year ago. The consensus estimate was for $571.7 million.

Net interest income increased 87% year-on-year to $389.64 million.

SOFI, currently at $9.19, has traded in the range of $4.45 - $11.70 in the last 1 year.