Finance
SoFi Surges Most Since July After Posting First-Ever Profit
- CEO Noto says 2024 will be a transition year for the company
- Firm expects full-year profit of as much as $105 million
The SoFi Technologies headquarters in San Francisco.
Photographer: Justin Sullivan/Getty ImagesThis article is for subscribers only.
SoFi Technologies Inc. climbed 22%, the most since July, after reaching profitability for the first time, taking the fintech one step closer to Chief Executive Officer Anthony Noto’s goal of turning the former anti-bank into a top 10 financial institution.
Fourth-quarter net income was $48 million, the first profit under generally accepted accounting principles since the company went public in 2021, according to a statement Monday. The figure surpassed analysts’ average estimate of $9.9 million for the quarter. Earnings per share were 2 cents, beating estimates of zero cents and up from a 5-cent loss a year earlier.