The fintech posts quarterly earnings and revenue that beat analysts' estimates.
It's a matchup between two innovative and high-growth financial technology (fintech) giants. In one corner, SoFi Technologies (SOFI -0.61%) has emerged as a prominent U.S. financial services player enjoying strong demand for its online-based suite of solutions.
SoFi Technologies (SOFI) is up over 130% year-over-year, and according to George Tsilis, the company's earnings report on Monday will prove whether it can hold that trend. He notes SoFi's ability to monetize loan growth quickly, but overall sales will prove the direction of the stock price.
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Cathie Wood's ARK Invest offers several popular exchange-traded funds (ETFs), and they tend to be rather concentrated, with all of them holding three dozen or fewer stocks. And one stock that Wood seems to have a lot of faith in is SoFi Technologies (SOFI -0.61%).
Despite shares falling -0.61% on Friday, SoFi Technologies (NASDAQ: SOFI) had a strong week, gaining 9.40% by Friday's close.
SoFi Technologies Inc SOFI will be reporting its fourth-quarter earnings on Monday. Wall Street expects four cents in EPS and $674.13 million in revenues as the company reports before market hours.
SOFI's fourth-quarter 2024 earnings and revenues are likely to increase year over year.
SOFI is likely to witness a year-over-year increase in earnings and revenues in the fourth quarter of 2024.
SoFi's stock surged ~130% over the past year, far outperforming the S&P 500 and Nasdaq-100. Analysts expect Q4 revenue to grow 14.8% YoY to $681.91M, with EPS rising 94.5% YoY to $0.04. Management raised revenue guidance to $2.535–$2.550B (+22–23% YoY) and GAAP net income to $204–$206M.
As a SoFi shareholder, I am sorry the company's stock price trades 20% below its June 2021 peak of $22.65 — the day the company merged with a special purpose acquisition company.
After an initial phase of high ups and downs, SoFi Technologies (SOFI 2.50%) has been on a roll, and the stock is up 120% over the past year. That's a phenomenal gain, and somewhat surprising, given that it was much lower for most of last year.