SOFI - (NASDAQ: SOFI) Reports Q4 and FY 23 Results

2024-01-29 08:18:39 ET

DENVER, Colo., Jan. 29, 2023 ( www.247marketnews.com )- SoFi Technologies Inc (NASDAQ: SOFI) reported, this morning, its fourth quarter and fiscal year 2023 results, which included the following Bullet points;

• Accelerating Revenue Growth, Expanding Margins and GAAP Profitability
• Fourth Quarter $615 Million GAAP Net Revenue Up 35% Year-over-Year; $594 Million Adjusted Net Revenue Up 34% Year-over-Year
• Record Fourth Quarter Adjusted EBITDA of $181 Million Up 159% Year-over-Year, 30% Target Margin Reached
• Fourth Quarter Positive GAAP Net Income of $48 Million, GAAP EPS of $0.02
• Quarterly New Member Adds of Nearly 585,000; Total Members Up 44% Year-over-Year to Over 7.5 Million
• Quarterly New Product Adds of Nearly 695,000; Total Products Up 41% Year-over-Year to Over 11.1 Million
• Fourth Quarter Total Deposit Growth of $2.9 Billion to $18.6 Billion
• Fourth Quarter Growth in Tangible Book Value of $204 Million, up $334 Million for Full Year 2023
• Diversification Milestone with 40% of Fourth Quarter Adjusted Net Revenue from Tech Platform and Financial Services Segments

SoFi is trading at $8.34, up $0.72 (+9.45%), on 5.5M shares traded.

Its 52-week range is $4.45 to $11.70. It’s just above a key inflection point, last week’s $8.32 high, which may be a good mental stop loss.

SoFi Technologies is “a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money”.

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