By Emily Dattilo

SoFi Technologies reported quarterly earnings and revenue above analysts' estimates, with CEO Anthony Noto deeming 2024 the fintech's "best year ever."

For its fourth quarter, SoFi posted adjusted earnings per share of 5 cents, beating Wall Street's call for 4 cents, according to FactSet. Adjusted net revenue of $739 million was above the consensus estimate of $675 million.

SoFi began as a lender focused on refinancing debt. It now operates in three segments: lending, which includes student, personal, and home loans; financial services; and a technology platform.

"In the fourth quarter, our Financial Services and Tech Platform segments made up a record 49% of SoFi's adjusted net revenue, up from 40% in the year ago quarter," Noto said in a press release.

For its first quarter, SoFi forecasts adjusted net revenue between $725 million and $745 million, while Wall Street had penciled in revenue of $688 million.

For fiscal 2025, the company expects adjusted net revenue between $3.2 billion and $3.275 billion, while analysts had forecast $3.02 billion.

"2024 was a transformational year -- part of it was diversifying the business, making it less capital intensive, reducing the risk," Noto told Barron's. "Another part of it was making sure we drove meaningful profitability, to ensure we had adequate capital on our balance sheet, and we've done all of that."

"In '25 we will invest at a higher rate than we have before, because when we invest, it drives direct, strong returns," he continued. The mantra for this year? "The best is yet to come," Noto said.

Write to Emily Dattilo at emily.dattilo@dowjones.com

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January 27, 2025 07:00 ET (12:00 GMT)

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