SoFi Technologies (NASDAQ:SOFI) shares jumped more than 22% intra-day today after the company released its fourth-quarter earnings, reporting an EPS of $0.02, which exceeded the analyst expectation of $0.00. The company’s revenue for the quarter was $594.2 million, surpassing the consensus estimate of $571.83 million.

Looking ahead to the first quarter of 2024, SoFi Technologies projects revenue to be between $550 and $560 million, which is below the consensus estimate of $580.1 million. Management anticipates generating adjusted net revenue in the range of $550 to $560 million, adjusted EBITDA between $110 and $120 million, and a GAAP net income of $10 to $20 million. This guidance is based on an expected 20% adjusted EBITDA margin.

For the entire year of 2024, the company expects its Tech Platform and Financial Services segments to grow by at least 50%. The lending revenue is projected to reach 92% to 95% of the levels seen in 2023. Additionally, expenses below the EBITDA line are anticipated to remain flat compared to the 2023 results, excluding the reported goodwill impairment expense. By the end of 2024, SoFi Technologies aims for an adjusted EBITDA margin of around 30%, which translates to an annual range of $580 to $590 million.

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