SoFi revenue, EBITDA, members jump; stock price soars

By:
on May 1, 2023
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  • SoFi shares jumped in the past few weeks.
  • The company published strong results on Monday.
  • Its revenue jumped by 43% in Q1 while the EBITDA soared by 772%.

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SoFi (NASDAQ: SOFI) published strong financial results on Monday, helped by all divisions. The company’s revenue jumped by 43% to $472 million in the first quarter. That result was better than the median estimates.

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SoFi’s adjusted EBITDA jumped by 772% to $76 million while the company raised its full-year guidance for the year, helped by strong momentum. Further, the company added over 433k, meaning that the number of users jumped to 47%. In a note, the company’s CEO said:

“We delivered another quarter of record financial results and generated our eighth consecutive quarter of record adjusted net revenue, which was up 43% year-over-year. We also generated our third consecutive quarter of record adjusted EBITDA at $76 million.”

SoFi stock price jumped by more than 7% in the pre-market trading session. There is also a likelihood that the company will continue rising in the coming months. SoFi share price has crashed by more than 78% from the highest point in 2021.

Analysts believe that the SoFi share price has more upside going forward. Mizuho recently upgraded the shares outlook from $6 to $9. Other companies that have boosted their outlooks are Morgan Stanley, Oppenheimer, Wedbush, and JP Morgan.

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