IPOE - SoFi's Q1 Earnings Beat Management's Guidance as Company Prepares to Trade on Nasdaq
The online personal lender SoFi, which will soon go public through Chamath Palihapitiya's blank check company, Social Capital Hedosophia Holdings V (NYSE: IPOE) , reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of roughly $4.1 million in the first quarter of the year.
Adjusted EBITDA is up $70 million year over year, while total revenue of roughly $216 million is up more than 150% year over year. Overall, both adjusted EBITDA and total revenue easily beat guidance provided by management in the fourth quarter.
The fast-growing company also added 430,000 new members in the quarter, bringing total membership to 2.28 million, up 110% year over year. Members are a big part of SoFi's model because the company's goal is to sell multiple products to members and greatly reduce customer-acquisition costs.
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SoFi's Q1 Earnings Beat Management's Guidance as Company Prepares to Trade on Nasdaq