SOFI, a stock of SoFi Technologies Inc.
The digital financial services firm rose 7% in pre-market trading on Monday after it announced bright earnings forecasts for the full year ahead. The fourth quarter net loss was $40 million, or 5 cents per share, compared to a net loss of $111 million, or 15 cents per share, in the year-ago quarter. Analysts tracked by FactSet expected a loss of 9 cents per share. On an adjusted basis, SoFi reported earnings before interest, taxes, depreciation and amortization (Ebitda) of $70.1 million, beating the FactSet consensus of $43 million compared to $4.6 million for the year. Total net revenue increased from $285.6 million to $456.7 million, though analysts had expected him to be $423 million. Total deposits at SoFi Bank grew 46% on a sequential basis. SoFi expects adjusted EBITDA of $40 million to $45 million for the first quarter and $260 million to $280 million for the full year. FactSet consensus was $50 million in adjusted EBITDA for the first quarter and $246 million for the full year. SoFi expects to have the potential to generate positive GAAP net income in the fourth quarter of 2023.
