SoFi Technologies Turns To Profit In Q4; Adj. Net Revenue Up 34%

(RTTNews) - SoFi Technologies, Inc. (SOFI) reported fourth quarter net income attributable to common stockholders?of $24.6 million compared to a loss of $50.2 million, last year. Profit per share was $0.02 compared to a loss of $0.05. Profit per share, excluding impact of goodwill impairment, was $0.02 compared to a loss of $0.05. Analysts polled by Thomson Reuters expected the company to report breakeven per share, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter total GAAP net revenue was $615.4 million, up 35% relative to the prior-year period. Adjusted net revenue was $594.2 million, up 34%. Analysts on average had estimated $571.49 million in revenue.

The company expects to generate $550 to $560 million of adjusted net revenue in the first quarter, and GAAP net income of $10 to $20 million.

For 2024, the company expects GAAP net income in the range of $95 to $105 million, or GAAP EPS of $0.07 to $0.08.

Looking beyond 2024, the company expects 20% to 25% compound revenue growth for the time periods of 2023 through 2026. The company anticipates GAAP earnings per share between $0.55 and $0.80 in 2026.

Shares of SoFi Technologies are up 10% in pre-market trade on Monday.

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