Fintech company SoFi Technologies (NASDAQ:SOFI) was scheduled to report its first quarter earnings after market close Tuesday. Instead, the company saw its earnings leak Tuesday and put out its earnings report early. Here are the key highlights for investors.
What Happened: SoFi Technologies reported first quarter revenue of $322 million, which was up 49% year-over-year. The total came in above a Street estimate of $286 million, according to data from Benzinga Pro.
In the first quarter, the company reported new member adds of 408,0000 and ended the quarter with around 3.9 million members, up 70% year-over-year.
The company reported 689,000 new product adds to bring its quarter end total to around 5.9 million, up 84% year-over-year.
The first quarter marked the third-highest member growth and second-highest product growth in company history.
“We delivered another quarter of great results, with record adjusted net revenue up 49% year-over-year, a seventh consecutive quarter of positive adjusted EBITDA and continued robust growth in members, products and cross-buy,” SoFi CEO Anthony Noto said.
Revenue for the company’s lending segment totaled $244.4 million, up 45% year-over-year. Home loan sales volume was down 58% year-over-year in dollars, but remained up 52% in number of loans on a year-over-year basis. Personal loan sales volume was up 151% year-over-year.
The company’s technology revenue was $60.8 million in the first quarter, up 32% year-over-year. Financial services revenue totaled $23.5 million in the first quarter, up 264% year-over-year.
Related Link: SoFi Merging With Palihapitiya Backed IPOE SPAC
What’s Next: SoFi raised its full year guidance for the full fiscal year from $1.47 billion to a range of $1.505 billion to $1.51 billion.
For the second quarter, the company sees revenue coming in a range of $330 million to $340 million.
“We are also off to a great start standing up the bank: deposits totaled $1.2 billion at quarter-end and have accelerated since we raised the maximum APY to 1.25% in April,” Noto said.
Price Action: SoFi shares were down 18% to $4.87 on Tuesday morning, versus a 52-week range of $5.79 to $24.95, the stock was up at $5.42 by Tuesday afternoon.
Disclosure: Author is long shares SOFI.
