SoFi shares were rallying in premarket action Monday after the digital financial services company exceeded expectations with its latest earnings
SoFi Technologies Inc. shares were rallying in premarket action Monday after the digital financial services company exceeded expectations with its latest earnings and said that it expects to be profitable on a GAAP basis by the fourth quarter of this year.
The company saw its fourth-quarter losses narrow to $40 million, or 5 cents a share, from $111 million, or 15 cents a share, in the year-prior quarter. Analysts were expecting a 9-cent loss per share for the period. Personal-loan originations were up 50% from a year earlier, while student-loan originations were off 72% and home-loan originations were down 84% “as a result of macroeconomic headwinds and a continued transition of home-loan fulfillment partners,” according to SoFi’s release.
The results “appear strong, especially considering interest rate and policy headwinds that SOFI continues to execute around,” wrote Jefferies analyst John Hecht in a report.
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