SoFi Technologies Inc. (NASDAQ: SOFI) surged over 5% in pre-market trading after beating earnings expectations with an EPS of 13 cents, a 160% improvement year-over-year. The company also reached a milestone with quarterly revenue hitting $1.01 billion, up 36% year-over-year due to adding 1 million new customers.

Tangible book value for SoFi grew to $8.9 billion, with a return on tangible common equity of 9.0%. The company continues to strengthen its fundamental case, despite valuation skeptics. SoFi’s focus on delivering strong earnings performance has pleased shareholders and surprised critics.

SoFi’s growth story is highlighted by its transformation from a student loan provider to a diversified digital financial services platform. The company’s adjusted EBITDA hit a record $318 million with a 31% margin, showcasing efficient scaling and profitability for nine consecutive quarters.

The financial services productivity loop at SoFi shows a 40% cross-buy rate in Q4, indicating members embrace the one-stop-shop model. Fee-based revenue increased to $443 million, representing 44% of adjusted net revenue, reducing reliance on interest rate-sensitive lending income and driving growth.

Read more at Nasdaq: SoFi Proves the Bears Wrong Again With a Record Quarter