SoFi Technologies, Inc. (SOFI), a digital personal finance company, reported Monday that its fourth-quarter net loss narrowed to $40.01 million from last year’s $111.01 million. Loss per share was $0.05, compared to last year’s loss of $0.15.
On average, 10 analysts polled by Thomson Reuters expected loss of $0.09 per share for the quarter. Analysts’ estimates typically exclude special items.
Net revenue climbed 60 percent to $456.68 million from last year’s $285.61 million. Adjusted net revenue was up 58 percent to $443.42 million from prior year’s $279.88 million.
Analysts expected revenues of $425.88 million for the quarter.
Adjusted EBITDA was $70.06 million, significantly higher than last year’s $4.59 million.
New product additions were over 695,000 in the fourth quarter, bringing total products to nearly 7.9 million at year end, up 53 percent from the prior year end.
Looking ahead for the first quarter, the company expects to generate $430 to $440 million of adjusted net revenue, up 34 percent to 37 percent year-over-year, and $40 to $45 million of adjusted EBITDA.
SoFi projects to reach quarterly net income profitability by fourth quarter 2023.
For the full year 2023, the company expects adjusted net revenue of $1.925 to $2.0 billion, up 25 percent to 30 percent, and adjusted EBITDA of $260 to $280 million.
In pre-market activity on Nasdaq, SoFi shares were gaining around 6.4 percent to trade at $6.32.
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