What's going on with SoFi Technologies stock on Monday?

What's going on with SoFi Technologies stock on Monday?

What's going on with SoFi Technologies stock on Monday?

SoFi Technologies Inc. (NASDAQ:SOFI) shares reversed their gains after the company reported this fiscal first quarter 2024 results on Monday.

Adjusted revenue rose 26% year over year to $580.648 million, surpassing the consensus of $555.997 million. Adjusted earnings per share of $0.02 beat the consensus of $0.01.

SoFi added 622,000 new members this quarter, bringing its total membership to over 8.1 million (+44% year over year).

SoFi also added more than 989,000 new products this quarter, for a total of more than 11.8 million products (+38% year over year) at the end of the quarter.

In the Financial Services segment, total products increased 42% year-on-year to 10.1 million.

SoFi Money (including checking, savings and cash management accounts) increased 61% year over year to 3.9 million products.

SoFi Relay grew 64% year-over-year to 3.6 million products, and SoFi Invest grew 1% year-over-year to 2.2 million products. When adjusted to exclude accounts from the now closed digital assets business, total products increased 24% year over year.

Adjusted EBITDA increased 91% year over year to $144.39 million, representing an incremental EBITDA margin of 57%.

Total deposits increased 16% year over year to $21.6 billion at the end of the quarter, with more than 90% of SoFi Money deposits (including checking, savings and cash management accounts) coming from members with direct deposits.

OutlookSoFi expects second quarter adjusted net sales of $555 million – $565 million (vs. consensus of $580.73 million) and adjusted EBITDA of $115 million – $125 million.

For the full year 2024, SoFi the Tech Platform reiterated this and the financial services segments combined will grow by at least 50%, and lending revenues will be 92% to 95% of 2023 levels.

The project expects an adjusted EBITDA margin of approximately 25% by year end (down from the previous 30%), representing a range of $590 million – $600 million (previously $580 million – $590 million) for the year. It expects GAAP earnings per share of $0.08 – $0.09 (previously $0.07 – $0.08) (vs. consensus of $0.08).

SoFi Technologies stock is up 44% in the past twelve months. Investors can gain exposure to the shares through VanEck Social Sentiment ETF (NYSE:BUZZ) and Schwab Strategic Trust Schwab Crypto Thematic ETF (NYSE:STCE).

Price promotion: SOFI shares are down 10% to $7.08 at last check Monday.

Photo via Shutterstock

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This article What's going on with SoFi Technologies stock on Monday? originally appeared on Benzinga.com

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