By Sam Boughedda
Investing.com -- SoFi Technologies Inc. (NASDAQ:SOFI) shares rallied over 15% in extended trading Tuesday after the company reported its fourth-quarter earnings, beating analyst earnings per share and revenue estimates.
The online personal finance company announced a loss per share of 15 cents on revenue of $279.88 million. Analysts polled by Investing.com anticipated a loss per share of 16 cents on revenue of $279.47 million.
SoFi reported a record 523,000 quarterly new member adds, up 39% sequentially. In addition, it achieved a record 906,000 quarterly new product adds, up 51% sequentially.
“We hit new highs across our key financial and operating metrics in the fourth quarter, finishing 2021 with record annual results,” said Anthony Noto, CEO of SoFi Technologies.
“Adjusted net revenue of $280 million was another quarterly record for us, up 54% year-over-year and up sequentially, even with the unexpected extension of the federal student loan payment moratorium in late December," Noto added.
SoFi explained that its guidance for the first quarter of 2022 incorporates the negative impact of the unexpected extension of the federal student loan payment moratorium to May 1. The company estimates the negative impact to be around $30 to $35 million of revenue and $20 to $25 million of contribution profit in the first quarter. As a result, it expects to generate $280 to $285 million of adjusted net revenue in Q1, up 30% to 32% year-over-year.
For 2022, SoFi expects to grow adjusted net revenue by 55% year-over-year, to $1.57 billion.