Shares of SoFi were soaring 14% in after-hours trading Tuesday after the financial-technology company exceeded expectations with its earnings outlook.
SoFi recorded a fourth-quarter net loss of $111.0 million, or 15 cents a share, whereas it recorded a net loss of $82.6 million, or $1.85 a share, in the year-earlier quarter. The FactSet consensus was for a 16-cent loss on a per-share basis.
Total revenue rose to $285.6 million from $171.5 million. Analysts tracked by FactSet were anticipating $279 million in revenue.
The company said it added a “record” of 523,000 new members during the fourth quarter. It also added 906,000 new products. Mizuho analyst Dan Dolev noted that additions on both metrics were up sequentially.
SoFi recently won approval for a national banking charter, and the company expects that incremental net interest income from its SoFi Bank will “only contribute nominally” to its results for the first quarter. SoFi expects a greater impact after it begins fully originating loans in its in-house bank, something that’s expected to take place this May.
SoFi stock soars after fintech company gives upbeat earnings outlook – MarketWatch
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