SoFi Technologies shares soared by about 23% after the financial services provider reported its first-ever quarterly profit.
For the fourth quarter, SoFi posted earnings of $48 million or $0.02 per share (EPS) compared to Street expectations it would break even for the period.
Revenue of $615.4 million represented a 35% year-over-year jump and was ahead of estimates of $574.65 million.
“Continued growth of over 40% in both total members and products, along with improving operating efficiency, reflects the benefits of our broad product suite and unique Financial Services Productivity Loop (FSPL) strategy,” SoFi CEO Anthony Noto said in a statement.
For the full year, it reported a loss per share of $0.36 on revenue of $2.12 billion, topping estimates of $2.06 billion in revenue and a loss per share of $0.39.
Shares of SoFi Technologies had gained 23% at US$9.38 late morning on Monday.