Shares of financial services provider SoFi Technologies (NASDAQ:SOFI) are up in double digits today on the back of its robust Q4 showing and promising guidance.
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Revenue rose a whopping 58.4% year-over-year to $443.4 million, comfortably outpacing estimates by ~$17.6 million. Net loss per share at $0.5 too came in narrower than estimates by $0.04. The company also impressed with a 15.3x jump in adjusted EBITDA of $70 million.
Further, SOFI added about 480,000 new members and 695,000 new product additions during this period. SOFI now has more than 5.3 million total members.
Looking ahead, for 2023, the company sees revenue landing between $1.925 billion and $2 billion, indicating growth between 25% and 30%. Importantly, SOFI’s top brass also anticipates achieving quarterly GAAP net income profitability during the fourth quarter.
Overall, Wall Street has a consensus price target of $7 on SOFI, implying a 17.85% potential upside. That’s after a nearly 47.7% slide in its share price over the past year.
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