SoFi Technologies stock was surging after the financial services company delivered record adjusted earnings before interest, taxes, depreciation, and amortization, as well as an upbeat forecast.
Adjusted Ebitda came in at $70.1 million, surpassing the $43 million consensus among analysts tracked by FactSet. Adjusted net revenue was a record $443.42 million, while analysts had expected $425.6 million.
‘s loss per share of 5 cents was also narrower than the 9-cent loss Wall Street had expected.
SoFi (ticker: SOFI) rose 8% to $6.42 on Monday. The company offers loans,, insurance, and a credit card among other products.
CEO Anthony Noto said he expects the momentum to continue in 2023. SoFi expects to generate full-year adjusted Ebitda of $260 million to $280 million, higher than the Wall Street consensus of $245.9 million. Management’s outlook for the first quarter, for up to $45 million in Ebitda, though, falls short of the $50 million consensus.
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