SoFi Technologies Gains In Pre-market On Better-than-expected Q4 Results, Outlook

(RTTNews) - Shares of financial services company SoFi Technologies, Inc. (SOFI) are up more than 13% in pre-market on Wednesday following fourth quarter results, which were better than analysts' view. SoFi provided full-year adjusted revenue outlook, that comes above the Street estimates.

The company's net loss of $111.01 million or $0.15 per share in the fourth quarter, compared with net loss of $82.62 million or $1.85 per share in the same quarter a year ago, beat the average estimate of analysts polled by Thomson Reuters of $0.17 loss per share.

Revenue for the quarter increased 67% year-over-year to $285.61 million. Adjusted revenue was $279.88 million. The consensus estimate was for $279.29 million.

Looking forward, SoFi expects first-quarter adjusted revenue to be in the range of $280 to $285 million. Analysts expectation stands at $306.32 million.

For the full year, adjusted revenue is expected to be $1.57 billion. This compares with the consensus estimate of $1.45 billion.

The company added 523,000 new members in the fourth quarter bringing the total to 3.5 million in 2021, up 87% from last year.

Total products added in the fourth quarter were about 906,000, up 105% year-over-year.

SoFi stock closed at $11.20, down $0.25 or 2.18% on Tuesday. It is currently trading in pre-market at $12.74.