SoFi Technologies (NASDAQ:SOFI) shares surged more than 10% Monday after the company reported its latest quarterly earnings, topping consensus expectations.
The online personal finance company reported Q4 EPS of $0.02, $0.02 better than the analyst estimate of $0.00, while revenue for the quarter came in at $594.2 million, up 34% year-on-year and above the consensus estimate of $571.83 million.
SoFi also reported quarterly new member adds of nearly 585,000, with total members rising 44% year-on-year to over 7.5 million. Meanwhile, total deposit growth in Q4 was $2.9 billion, rising to $18.6 billion.
“We delivered another quarter of record financial results and generated our eleventh consecutive quarter of record adjusted net revenue of $594 million," said Anthony Noto, CEO of SoFi Technologies. "Record revenue at the company level was driven by record revenue across all three of our business segments, with a record contribution of 40% of adjusted net revenue generated by our non-lending segments (Technology Platform and Financial Services segments)."
For Q1 2024, the company expects to generate $550 to $560 million of adjusted net revenue, $110 to $120 million of adjusted EBITDA and GAAP net income of $10 to $20 million.
For the full year 2024, SoFi expects the Tech Platform and Financial Services segments combined will grow at least 50%, with lending revenue to be 92% to 95% of 2023 levels. The guidance anticipates an adjusted EBITDA margin of approximately 30% by year-end, which equates to a range of $580 to $590 million for the year.
"We anticipate that revenue from our Tech Platform and Financial Services segments, combined, will be approximately equal to revenue from our Lending segment for the year," added the company. "That equates to full-year GAAP net income in the range of $95 to $105 million, or GAAP EPS of $0.07 to $0.08."
They also see growth in tangible book value of $300 to $500 million for the year, with member growth of at least 2.3 million new members during the full year 2024, representing a 30% rise.