SoFi Technologies Inc (NASDAQ:SOFI) is trading higher Wednesday after the company reported better-than-expected fiscal fourth-quarter financial results and issued guidance above estimates.
SoFi said quarterly adjusted revenue increased 54% year-over-year to $279.88 million, which beat the $279.29 million estimate. The company reported a quarterly earnings loss of 15 cents per share, which beat the estimate for a loss of 17 cents per share.
SoFi members grew 87% year-over-year to 3.5 million after adding a record 523,000 new members in the fourth quarter.
"The best part is that we were able to reach both our adjusted revenue and adjusted EBITDA milestones ahead of plan in an increasingly challenging operating environment, while also significantly exceeding our member growth guidance," said Anthony Noto, CEO of SoFi Technologies.
"As important, we also reached all-time highs in members added, products added and engagement as well," Noto added.
SoFi expects first-quarter adjusted net revenue to be between $280 million and $285 million versus the $306.32 million estimate. The company expects revenue to reach $1.57 billion in full fiscal-year 2022 versus the $1.45 billion estimate.
Related Link: SoFi Technologies Q4 Earnings Highlights: Record Revenue, Added Members, Bank Charter Update And Guidance
SOFI Price Action: SoFi has traded as low as $8.82 and as high as $24.95 over a 52-week period.
The stock was up 15.3% at $11.20 at time of publication.
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