SoFi Technologies Inc. (SOFI) stock surged 5.03% in the intraday trading session on Wednesday, following the company's impressive full-year 2024 financial results and upbeat growth projections.
The fintech company reported robust revenue growth of 28% year-over-year, reaching $2.64 billion for the fiscal year 2024. Moreover, SoFi Technologies achieved profitability, posting a net income of $479.1 million, a significant turnaround from the $341.2 million net loss in the previous fiscal year. The company's earnings per share (EPS) of $0.46 also exceeded analyst expectations.
Analysts at Jefferies reiterated their "Buy" rating on SoFi Technologies, citing the company's strong financial performance and positive outlook. According to industry forecasts, SoFi Technologies is expected to maintain a solid revenue growth rate of 14% per annum over the next three years, outpacing the average growth rate of the consumer finance industry in the United States.
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