SoFi reports a strong Q1 and raises full-year guidance

SoFi Technologies Inc is up 6.0% on Monday after reporting market-beating financial results for its first quarter. 

SoFi stock pops on upbeat future guidance

Investors are cheering also because the personal finance company issued upbeat guidance for the future. $SOFI now calls for its adjusted revenue to fall between $2.39 billion and $2.43 billion on up to 9 cents a share of earnings in fiscal 2024.

Analysts, in comparison, were at $2.37 billion and 8 cents per share, respectively. SoFi Technologies said in its earnings report today:

The financial technology company saw a slight annualised decline in personal and home loans while student loans increased nearly 2.0% in Q1. SoFi stock is currently down roughly 15% versus the start of this year.

Notable figures in SoFi Q1 earnings release

• Earned $88 million that translates to 8 cent per share
• Had $34.4 million loss or 5 cents a share last year
• Adjusted EBITDA jumped from $75.7 million to $144.4 million
• Net revenue climbed 37% year-over-year to $645 million
• Consensus was $0.007 a share and $555.3 million in revenue

SoFi Technologies added 622,000 net new members to end the quarter with 8.1 million in total. CEO Anthony Noto said in the earnings press release on Monday:

[We report] all three segments profitable on a contribution basis. We continue to benefit from continued strong cross-buy trends from attractive member base into Lending and other Financial Services products.

You can read the full earnings release of $SOFI on this link.