SOFI STOCK MASSIVE MOVE!! Q4 EARNINGS BEAT!!! WHAT IS NEXT?

SOFI STOCK MASSIVE MOVE!! Q4 EARNINGS BEAT!!! WHAT IS NEXT?

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The stock SOFI, +20.21% was up 21.8% shortly after Monday’s open and on track to see its largest single-day percentage gain since Aug. 3, 2022, when it exploded 28.4% higher. After that, the best one-day rally was a 19.9% surge seen July 31, 2023.
The fourth quarter brought a milestone for SoFi as the company delivered its first quarterly profit on a GAAP basis. SoFi posted fourth-quarter net income of $48 million, or 2 cents a share, whereas it generated a loss of $40 million, or 5 cents a share, in the year-prior period. Analysts tracked by FactSet expected the company to break even on a per-share basis.
SoFi also reported adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $181 million, up from $70 million in the year-before period. The FactSet consenus was for $142 million.
Total net revenue came in at $615 million, up 35% from a year prior. Analysts had been looking for $575 million.
Origination volumes for personal loans were up 31% in the fourth quarter, while such volumes for student loans and home loans were up 95% and 193%, respectively.
The company posted 19% growth in deposits during the fourth quarter to reach $18.6 billion. “As a result of this growth in high quality deposits, we have benefited from a lower cost of funding for our loans,” Chief Executive Anthony Noto said in a release.
SoFi noted that its investment products grew 20% from a year before when excluding cryptocurrency, and the company is upbeat about having just adding alternative investments and mutual funds to its suite of offerings. “With the launch of alts, SoFi is granting yet another opportunity for everyday investors to access investment opportunities traditionally reserved for institutional investors and the ultra wealthy,” Noto said on the earnings call.
The company expects to see $550 million to $560 million of adjusted net revenue in the first quarter, along with $110 million to $120 million of adjusted Ebitda. Analysts were modeling $578 million in adjusted net revenue and $125 million in adjusted Ebitda.
Management anticipates that the company will continue to be profitable on a GAAP basis into the first quarter, calling for $10 million to $20 million in GAAP net income, whereas the FactSet consensus was for $8 million.

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