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SoFi Reports Q1 Beat, Raises Full Year EBITDA Guidance

SoFi Technologies (NASDAQ:SOFI) raised its EBITDA guidance for the full fiscal year following a Q1 beat. In the first quarter of fiscal 2024, SoFi reported earnings per share (EPS) of $0.02, beating the consensus estimate of $0.01. The company achieved a significant revenue increase, posting $644.99 million, which notably surpassed the expected $555.09 million.
The adjusted EBITDA for the quarter was $144.4 million, marking a 91% increase year-over-year and surpassing expectations by more than $22 million. Additionally, membership numbers grew to 8.13 million, exceeding the projected 8.02 million.
Looking ahead to the second quarter, SoFi expects adjusted net revenue to be in the range of $555 million to $565 million, which is below the analyst forecast of $589.9 million. The adjusted EBITDA for the quarter is anticipated to be between $115 million and $125 million, compared to expectations of $136.3 million.
For the entire fiscal year, SoFi has upgraded its adjusted EBITDA forecast to a range of $590 million to $600 million, up from the previously anticipated range of $580 million to $590 million and surpassing the consensus estimate of $586.3 million. The company also adjusted its net revenue forecast to range from $2.39 billion to $2.43 billion, outperforming the estimated $2.38 billion.

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