Shares of SoFi Technologies (NASDAQ:SOFI) are trading about 6.5% higher in premarket Monday after the company reported better-than-expected results for its first quarter.
SoFi posted a loss per share of $0.05 on revenue of $460.16 million, topping the analyst consensus for a loss per share of $0.08 on revenue of $441.12M. Adjusted revenue rose 43% year-over-year as the membership count jumped 45% to 5.6M.
“Strength across all three of our business segments — Lending, Technology Platform and Financial Services — drove these record results,” said Anthony Noto, CEO of SoFi Technologies.
For this quarter, the company sees revenue between $470M and $480M, slightly ahead of the consensus at $473.4M. Full-year revenue is expected in the range of $1.955 billion and $2.02B, in line with the estimates at $1.99B.
Shares were mostly boosted by the better-than-expected adjusted EBITDA forecast. The company sees Q2 and FY adjusted EBITDA at $55M and $270M, respectively, at the midpoint of guidance. Analysts were looking for $45.7M and $270.3M, respectively.
"With our launch of offering FDIC insurance of up to $2 million, 97% of our deposits were insured at quarter end," the company said.