SoFi Technologies sees FY24 GAAP EPS 7c-8c, consensus 6c

The company said, “For the full year 2024, management expects Tech Platform and Financial Services segments combined to grow at least 50% and lending revenue to be 92% to 95% of 2023 levels, and expenses under the EBITDA line to be flat when compared to 2023 results, excluding the reported goodwill impairment expense. This guidance anticipates an adjusted EBITDA margin of approximately 30% by year-end, which equates to a range of $580 to $590 million for the year. We anticipate that revenue from our Tech Platform and Financial Services segments, combined, will be approximately equal to revenue from our Lending segment for the year. That equates to full-year GAAP net income in the range of $95 to $105 million, or GAAP EPS of $0.07 to $0.08. We expect growth in tangible book value of $300 to $500 million for the year. In terms of Member growth, we expect at least 2.3 million new members during the full year 2024, which represents 30% growth.”