SoFi Technologies Lifts Annual Outlook - Update

(RTTNews) - (Adds Outlook)

Looking ahead, SoFi Technologies, Inc. (SOFI) expects its second-quarter revenue below analysts' estimates, whereas for the full year, SOFI revised up its profit and revenue outlook.

For the second-quarter, the company expects to post net profit of $5 million to $10 million, on adjusted revenue of $555 million to $565 million, below the analysts' estimate of $580.73 million.

For the full year, SoFi now expects earnings of $165 million or $0.08 per share to $175 million or $0.09 per share against its previous guidance of $95 million or $0.07 to $105 million or $0.08 per share.

Supported by its anticipated growth in Tech Platform and Financial Services segments, the company now sees annual adjusted revenue of $2.39 billion to $2.43 billion, higher than the prior guidance of $2.365 to $2.405 billion.

Analysts, on average, expect the firm to record revenue of $2.37 billion, for the year.

Q1 Results:

Below are the earnings highlights for SoFi Technologies, Inc. (SOFI):

Earnings: $22.523 million in Q1 vs. -$44.390 million in the same period last year. EPS: $0.02 in Q1 vs. -$0.05 in the same period last year. Analysts projected $0.01 per share Revenue: $644.995 million in Q1 vs. $472.158 million in the same period last year.