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SoFi Stock Soars As Fintech Swings To Profitability

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SoFi Technologies has reported its first-ever adjusted profit, sending its stock soaring. The fintech company, which provides college student loans, home loans, and personal loans, reported fourth-quarter revenue of $594.2 million, beating Wall Street targets. SoFi stock rose by 16% in response to the news. The company also provided positive guidance for 2024, forecasting adjusted profit in the range of 7 cents to 8 cents per share, an improvement from a 36-cent loss in 2023. SoFi’s underperformance in 2021 and 2022 was attributed to lower revenue from federal student loan refinancing, which may be affected by potential policy changes if Republicans win control of Congress in 2024.

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