By Dean Seal
SoFi Technologies notched higher revenue in the fourth quarter and expects the top line to keep rising this year with strong fee-based income, particularly from loan originations.
The financial-services company posted a profit of $332.5 million, or 29 cents a share, compared with $24.6 million, or 2 cents a share, in the same quarter a year ago.
The quarter included a significant income tax benefit that boosted the bottom line. Stripping out one-time items, adjusted earnings were 5 cents a share, a penny above the consensus estimate of analysts polled by FactSet.
Revenue jumped 19% to $734 million, and climbed 24% to $739.1 million on an adjusted basis. That topped analyst forecasts for $674.6 million in adjusted revenue.
The gain is tied to growth in SoFi's financial-services business and technology platform. Chief Executive Anthony Noto called 2024 SoFi's best year on record as it shifted toward more capital-light cash- and fee-based revenue streams.
For the year ahead, SoFi is expecting adjusted net revenue of $3.2 billion to $3.275 billion and earnings of $285 million to $305 million, or 25 cents to 27 cents a share. Analysts are currently projecting $3.02 billion in adjusted revenue for 2025.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 27, 2025 07:29 ET (12:29 GMT)
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