SoFi Beats Q4 earnings by a big margin and significantly Raises 2023 Guidance.

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SoFi projects to reach quarterly GAAP net income profitability by fourth quarter 2023!

“SoFi Technologies Q4 GAAP EPS of -$0.05 beats by $0.04.
Revenue of $443.42M (+58.4% Y/Y) beats by $17.58M.
Q4 net loss of $40M, 64% narrowed from the year-ago net loss of $111.01M.
Adjusted EBITDA of $70.06M, up from $4.59M a year ago.
New member additions of nearly 480,000, which brought total members to 5.2M by year-end. New product additions of over 695,000, with total products of nearly 7.9M at 2022-end.
Lending products rose 24% Y/Y, driven primarily by continued demand for personal loans. Personal loan originations of nearly $2.5B in Q4, up 50% Y/Y. Student loan originations were down 72% to $405.8M from $1.46B.
Technology Platform-enabled accounts increased by 31% on a yearly basis to 130.7M.
Financial Services segment's net revenue increased by 195% to $64.8M from $22.0M.
For Q1'23, expected adjusted net revenue of $430M to $440M (vs. consensus of $425.84M), up 34% to 37% on a yearly basis, and adjusted EBITDA of $40M-$45M.
For FY23, expected adjusted net revenue of $1.925B to $2.0B (vs. consensus of $1.53B), up 25% to 30%, and adjusted EBITDA of $260M to $280M.”

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