Personal finance fintech company SoFi Technologies, Inc. (SOFI) reported solid fourth-quarter results.
Its loss per share came below analyst estimates, and its revenue beat the consensus estimate by 4.1%. The company’s adjusted net revenue in the fourth quarter came in 4.2% above its guidance range high of $425 million, and its adjusted EBITDA came $23 million above the high-end of its guidance.
SOFI’s CEO Anthony Noto said, “Record revenue across all three of our business segments – Lending, Technology Platform, and Financial. Our continued strong growth and significant improvement in GAAP net income margin position us very well in 2023 for another year of significant revenue and EBITDA growth and for reaching GAAP net income profitability in the fourth quarter.”
SOFI’s solid results could be attributed to its total deposits, which rose 46% sequentially and more than 700% in 2022 to $7.34 billion. The company benefited from the Fed’s aggressive interest rate hikes leading to its rise in net interest income.
The company added 480K members in the fourth quarter. Its total members came in at 5.22 million, rising 51% year-over-year. It added 695K new products in the fourth quarter, bringing total products to 7.89 million in 2022, increasing 53% year-over-year.
Continue reading at INO.com