SOFI Stock Rises Pre-Market After SoFi Technologies Reports $1B Quarterly Revenue For The First Time
Synopsis
SoFi reported adjusted earnings per share of $0.13 on revenue of $1.03 billion, while Wall Street analysts expected an EPS of $0.12 on revenue of $977 million, according to Stocktwits data.
SoFi Technologies Inc. (SOFI) shares rose nearly 5% in Friday’s pre-market trade after the company’s fourth-quarter (Q4) earnings beat Wall Street expectations.
SoFi reported adjusted earnings per share (EPS) of $0.13 on revenue of $1.03 billion, while Wall Street analysts expected an EPS of $0.12 on revenue of $977 million, according to Stocktwits data.
This is also the first time in its history that SoFi has reported a quarterly revenue of $1 billion. The company attributed this to a combination of scale, innovation, and profitability positions.
“We added a record 1 million new members this quarter and drove record product growth. At the same time, we moved with urgency to lead the next phase of financial services by delivering crypto and blockchain innovation backed by bank-grade stability and security,” said SoFi CEO Anthony Noto.
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