SoFi jumps on Q1 beat and raise
The midcap fintech firm had been a laggard this year, down 14% through yesterday’s close, after rising more than 50% in 2024.
SoFi Technologies is up in the premarket session after posting a good old-fashioned beat and raise that helped allay concerns over how rising interest rates and falling consumer sentiment would register in the fintech firm’s financials.
Net revenue of $771 million, up 20% year over year, topped expectations of $739 million. And non-GAAP earnings per share of $0.06 doubled the consensus call for $0.03 a share. The company was also GAAP-profitable — that is, using the stricter accounting rules that often don’t figure in the Wall Street estimates — for the sixth consecutive quarter. Prior to that, the company was money losing, by GAAP standards, for six years straight.
SoFi also hiked it financial guidance as well, raising full-year GAAP profit guidance to between $320 million and $325 million in 2025, as well as raising guidance for a range of other business metrics.
If the shares hold on to their healthy premarket gains Tuesday, it will add to the recent romp that pushed them up 20% over the last seven sessions.
