SoFi Technologies Inc. is a financial technology company that offers various financial products and services, including student and personal loans, mortgage refinancing, investment management, and insurance. SoFi aims to provide a comprehensive suite of financial tools to help individuals manage their money and achieve financial goals.
If you are looking for the most recent information about SoFi, including its stock performance and earnings, I recommend checking the latest financial news, the company’s official website, or reliable financial data platforms for up-to-date information. Keep in mind that stock prices and financial performance can change rapidly, and it’s essential to consult the latest sources for accurate details.
Chief Executive Officer (CEO) Anthony Noto pointed out that 40% of adjusted net revenue was generated by non-lending segments (Technology Platform and Financial Services segments). Lending also rose for SoFi, with personal, student, & home loan origination volumes up 31%, 95%, and 193% from a year ago, respectively.
Noto said that SoFi added 585,000 new members, an 8.4% increase from the third quarter. That brought total membership at the end of the year to 7.54 million, a 44% gain from 2022. He noted that total deposits grew by $2.9 billion, or 19%, in the quarter, finishing the year at $18.6 billion. Noto added that more than 90% of SoFi Money deposits, including checking and savings and cash management accounts, were from direct deposit members.
The company anticipates full-year earnings per share of between 7 cents and 8 cents, with revenue of $550 million to $560 million. Those were above analysts’ estimates as well.
SoFi shares were up 19.4% to $9.09 per share as of about 1:45 p.m. ET Monday, and have climbed about 36% over the past year.
