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Why SoFi Stock Skyrocketed Today

TheMotleyFool

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Why SoFi Stock Skyrocketed Today: https://g.foolcdn.com/editorial/images/763068/profit-chart-with-percent-sign.jpg

Shares of SoFi Technologies (NASDAQ: SOFI) rallied 20.2% Monday after the banking and financial technology (fintech) stock handily beat expectations with its fourth-quarter 2023 report.

SoFi's Q4 adjusted (non-GAAP) revenue grew 35% year over year, to $594 million, translating to adjusted earnings of $0.04 per share. SoFi also achieved its first-ever quarter with positive consolidated generally accepted accounting principles (GAAP) net income of $48 million or $0.02 per share.

Analysts on average were expecting a break-even quarter on lower revenue of $571.7 million.

Source Fool.com

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