Shares of SoFi Technologies (NASDAQ:SOFI) climbed more than 4% in premarket trading Monday after the company raised its EBITDA guidance for the full fiscal year, beating consensus projections.
For the fiscal Q1 2024, SoFi posted Q1 earnings per share (EPS) of $0.02, surpassing the consensus estimate of $0.01.
Quarterly revenue reached $644.99 million, well above the forecast of $555.09 million.
Adjusted EBITDA rose 91% year-over-year to $144.4 million, exceeding expectations by over $22 million. Membership also grew to 8.13 million, topping the projected 8.02 million
For the second quarter, SoFi anticipates adjusted net revenue between $555 million and $565 million, below expectations of $589.9 million. Adjusted EBITDA is projected to be between $115 million and $125 million, against a forecast of $136.3 million.
For the full year, the company has raised its adjusted EBITDA outlook to between $590 million and $600 million from the prior range of $580 million to $590 million, and above the consensus of $586.3 million.
Adjusted net revenue expectations have been set to range from $2.39 billion to $2.43 billion, also better than the estimated $2.38 billion.
“Our first quarter was an exceptionally strong start to 2024, demonstrating significant momentum as we responsibly grow revenue and diversify toward our Financial Services and Tech Platform segments, sustain profitability, reinforce our balance sheet, and grow our member base,” Anthony Noto, CEO of SoFi Technologies.