SoFi Technologies, Inc. (SOFI) announced earnings for its fourth quarter that increased from the same period last year and beat the Street estimates.
The company's bottom line totaled $332.473 million, or $0.29 per share. This compares with $24.615 million, or $0.02 per share, last year.
Excluding items, SoFi Technologies, Inc. reported adjusted earnings of $61.030 million or $0.05 per share for the period.
Analysts on average had expected the company to earn $0.04 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 19.3% to $734.125 million from $615.404 million last year.
SoFi Technologies, Inc. earnings at a glance (GAAP) :
-Earnings: $332.473 Mln. vs. $24.615 Mln. last year.-EPS: $0.29 vs. $0.02 last year.-Revenue: $734.125 Mln vs. $615.404 Mln last year.
Looking ahead, for the first quarter, the company expects net income of $30 to $40 million, with net earnings per share of $0.03. The first-quarter revenue is expected to be in the range of $725 to $745 million, higher than analysts’ expectation for $707.47 million.
For the full year, SoFi projects net income of $285 or $0.25 per share to $305 million or $0.27 per share. Annual revenue is anticipated to be $3.200 to $3.275 billion, compared with analysts’ forecast of $3.05 billion.
SOFI was down by 11.27 percent at $15.90 in the pre-market trade on the Nasdaq.
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