(Adds outlook, stock movement)
For the full year, SoFi Technologies, Inc. (SOFI) lifted its outlook, citing strong momentum in the first quarter. In the pre-market, the stock was up more than 5 percent.
SoFi now anticipates full-year net income of $320 million-$330 million or $0.27-$0.28 per share, higher than the prior guidance of $285 million- $305 million or $0.25 to $0.27 per share.
Adjusted revenue for the year is seen at $3.235 billion to $3.310 billion, which is $35 million higher than the prior guidance of $3.200 billion to $3.275 billion.
Analysts, on average anticipate the company to register annual earnings of $0.26 per share on revenue of $3.19 billion.
SOFI was trading up by 5.91 percent at $13.98 in the pre-market trade on the Nasdaq.
For the second quarter, SoFi Technologies expects net income of $60 million-$70 million or $0.05-$0.06 per share.
Adjusted revenue for the quarter is seen in the range of $785 million to $805 million.
Analysts, on average, forecast the firm to earn $0.05 per share, on revenue of $791.02 million for the second quarter.
Q1 Results:
SoFi Technologies revealed a profit for its first quarter that increased from the same period last year and beat the Street estimates.
The company's earnings totaled $71.455 million, or $0.06 per share. This compares with $22.523 million, or $0.02 per share, last year.
Excluding items, SoFi Technologies, Inc. reported adjusted earnings of $71.455 million or $0.06 per share for the period.
Analysts on average had expected the company to earn $0.03 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 19.7% to $771.759 million from $644.995 million last year.
SoFi Technologies, Inc. earnings at a glance (GAAP) :
-Earnings: $71.455 Mln. vs. $22.523 Mln. last year.-EPS: $0.06 vs. $0.02 last year.-Revenue: $771.759 Mln vs. $644.995 Mln last year.
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