SOFI - Why SoFi Stock Skyrocketed Today
2024-01-29 18:38:00 ET
Shares of SoFi Technologies (NASDAQ: SOFI) rallied 20.2% Monday after the banking and financial technology (fintech) stock handily beat expectations with its fourth-quarter 2023 report.
SoFi's Q4 adjusted ( non-GAAP ) revenue grew 35% year over year, to $594 million, translating to adjusted earnings of $0.04 per share. SoFi also achieved its first-ever quarter with positive consolidated generally accepted accounting principles (GAAP) net income of $48 million or $0.02 per share.
Analysts on average were expecting a break-even quarter on lower revenue of $571.7 million.
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Why SoFi Stock Skyrocketed Today