SoFi Stock Surges Following SoFi First Quarterly Profit

Last updated: 2024-02-06

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Key Takeaways:

Monday marked SoFi‘s first quarterly profit, with gains in both the lending and non-lending segments.
In the fourth quarter, SoFi gained 585,000 members, bringing the total to 7.54 million, a 44% increase from 2022.
The anticipated annual earnings and revenue of SoFi exceeded initial projections.

Monday in intraday trading, SoFi Technologies Inc. (SOFI) shares increased by more than 19%, following the online bank and personal finance lender’s announcement of its first quarterly profit and record-breaking fourth-quarter membership and sales growth.

The fourth-quarter net income of the California-based bank was $47.9 million, or 2 cents per share. Compared to the same period last year, revenue increased by 34% to a record $594.25 million. Both outcomes surpassed initial projections.

Anthony Noto, chief executive officer (CEO), noted that non-lending segments (Technology Platform and Financial Services) contributed 40% to adjusted net revenue. The volume of personal, student, and home loan originations increased by 31%, 95%, and 193%, respectively, since the previous year for SoFi.

According to Noto, SoFi gained 585,000 new members in the fourth quarter, representing an 8.4% increase. This resulted in 7.54 million members by the end of the year, representing a 44% increase compared to 2022. He reported that quarterly total deposits increased by $2.9 billion, or 19%, to $18.6 billion at the end of the year. Noto further stated that direct deposit members constituted over 90% of SoFi Money deposits, which included funds from checking, savings, and cash management accounts.

In addition to $550 million to $560 million in annual revenue, the organization projects earnings per share of 7 cent to 8 cents. Additionally, those surpassed the estimates of analysts.

As of approximately 1:45 p.m. ET on Monday, SoFi shares were up 19.4% to $9.09 per share, and have gained approximately 36% over the past year.

SOFI

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