SoFi (SOFI) gains as results, outlook beat estimates

Shares of SoFi Technologies (NASDAQ: SOFI) are trading about 6.5% higher in pre-market Monday after the company reported better-than-expected results for its first quarter.

SoFi posted a loss per share of $0.05 on revenue of $460.16 million, topping the analyst consensus for a loss per share of $0.08 on revenue of $441.12M. Adjusted revenue rose 43% year-over-year as the membership count jumped 45% to 5.6M.

“Strength across all three of our business segments — Lending, Technology Platform and Financial Services — drove these record results,” said Anthony Noto, CEO of SoFi Technologies.

For this quarter, the company sees revenue between $470M and $480M, slightly ahead of the consensus at $473.4M. Full-year revenue is expected in the range of $1.955 billion and $2.02B, inline with the estimates at $1.99B.

Shares were mostly boosted by the better-than-expected adjusted Ebitda forecast. The company sees Q2 and FY adjusted Ebitda at $55M and $270M, respectively, at the midpoint of guidance. Analysts were looking for $45.7M and $270.3M, respectively.

"With our launch of offering FDIC insurance of up to $2 million, 97% of our deposits were insured at quarter end," the company said.

By Senad Karaahmetovic

You May Also Be Interested In

• RH (RH) Tops Q1 EPS by 12c
• SailPoint Technologies Holdings (SAIL) Tops Q2 EPS by 1c, Offers Guidance
• Titan Machinery (TITN) Misses Q1 EPS by 6c, Beats on Revenue; Offers FY27 EPS Guidance