SoFi Technologies Stock Surges in Premarket Trading After Strong Quarterly Results
52 Week Range 445 - 1170
SAN FRANCISCO, April 29, 2024
SoFi Technologies Inc. (SOFI), a member-centric one-stop shop for digital financial services, saw its stock climb 48% in Monday premarket trading after the fintech-focused lender boosted its revenue and earnings in the first quarter of 2024.
The company reported total net revenue of $6,450 million, up from $4,722 million a year earlier. The increase was driven by strong growth in personal-loan originations, which jumped 11% to $3.3 billion.
SoFi also saw growth in its other businesses, including its investing and wealth management platform, which saw revenue increase 26% year-over-year. The company's banking platform also saw strong growth, with deposits up 32%.
The strong financial results sent SoFi's stock soaring in premarket trading. The stock is currently trading at $1,170, up from its previous close of $790. The stock is now up over 50% year-to-date.
SoFi's strong performance is a sign that the company is continuing to execute on its growth strategy. The company has been investing heavily in its technology and marketing, and it is starting to see the benefits of those investments. SoFi is well-positioned to continue to grow its business in the coming years.
Comments