SoFi stock pops 10% on another quarter of record revenue

January 29, 2024 04:27 AM PST | By Invezz

SoFi stock pops 10% on another quarter of record revenue — Image source: Invezz

SoFi stock up despite muted revenue guidance

The stock is being rewarded even though the revenue guidance for Q1 came in shy of expectations.

SoFi is now calling for up to $560 million in adjusted net revenue for its current financial quarter on $10 million to $20 million of net income. Anthony Noto – its chief executive said in a press release today:

Record revenue at the company was driven by record revenue across all three of our business segments, with a record contribution of 40% of adjusted net revenue by our non-lending segments.

Analysts, in comparison, were at $578 million and $8 million, respectively. SoFi stock is still down about 15% versus the start of this year. Watch here: https://www.youtube.com/embed/U_sPDpvVKrw?feature=oembed

Notable figures in SoFi Q4 earnings release

Earned $48 million versus $40 million of loss a year ago
Adjusted EBITDA climbed from $70 million to $181 million
Net revenue jumped 35% year-on-year to $615 million
Experts had forecast $142 million and $575 million respectively

The financial technology company attributed strength in its recently concluded quarter primarily to an increase in lending volumes with personal, student and home loans up 31%, 95%, and 193%, respectively. CEO Noto also said on Monday:

We saw new member adds of nearly 585,000 and growth of 44% for total period end members of over 7.5 million, with new product adds of nearly 695,000 and growth of 41% to over 11 million total products at period end.

$SOFI FY 2024 Guidance assumes a deceleration in Lending Segment revenue – most likely from the drop we're expected to see in personal loans.

This will more than be compensated for by the increase in the other segments which mgmt highlights will see a 50%+ increase. pic.twitter.com/g2mea0io1o — Tevis (@FunOfInvesting) January 29, 2024

The post SoFi stock pops 10% on another quarter of record revenue appeared first on Invezz

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