From Nasdaq:

SoFi Technologies Inc. (NASDAQ: SOFI) has carved its place as an influencer in the financial technology sector, offering a range of accessible and innovative financial services. In the fourth quarter, SoFi saw a 35% jump in GAAP Net Revenue to $615 million, showing an expansion in market influence.

SoFi’s– Q4 performance saw a 159% rise in Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization, reaching $181 million. The company turned a net loss into a $48 million net income, resulting in an Earnings Per Share of $0.02, showing strategic adaptability in the evolving financial industry.

SoFi reported a 44% year-over-year growth in total membership, reaching over 7.5 million, and a 41% increase in product count, reaching over 11.1 million. The expansion of its customer base and product portfolio underscores SoFi’s strategy in appealing to a broader segment and retaining customers for a stronger market presence.

The market has positively responded to SoFi’s performance, as reflected in the company’s stock appreciation, reflecting widespread confidence in the brand’s strategic business model and future growth potential. Analysts have maintained a ‘Hold’ rating on SoFi, with a set price target of $8.68.

For Q1 2024, SoFi foresees a GAAP net income of $10-$20 million, highlighting a determination to grow revenue while maintaining profitability. The company also estimates its EBITDA to be between $110-$120 million, emphasizing operational efficiency and significant earnings.

In 2024, SoFi has set its sights on bolstering its technology and financial service offerings to cater to the evolving demands of consumers in the digital age. By expanding its service range, SoFi is reinforcing its market standing, setting itself up to match the year’s combined revenue from technology and financial services with its lending segment.



Read more: SoFi’s profit parade: Marching past expectations and into 2024