$SoFi Technologies Inc.(SOFI)$ Shares of SoFi jumped more than 14% on Monday, January 30, in response to fourth-quarter results that blew past expectations. Total revenue soared 60% year over year to $457 million, which exceeded expectations by $30 million.
Wall Street was also surprised by an unexpectedly small fourth-quarter net loss of $40.1 million, or $0.05 per share. The average investment bank analyst following SoFi expected a loss of $0.09 per share.
In addition to a better-than-expected fourth-quarter performance, SoFi told investors its operation will achieve profitability earlier than expected. Now, the company predicts that it will reach that milestone, according to generally accepted accounting principles (GAAP), in the fourth quarter of this year.
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