SoFi highlights a new investment feature in the company’s first quarter earnings, with earnings up 49% from last year

SoFi publication First quarter financial results for the period ending March 31, 2022 on Tuesday. The company reported non-GAAP revenue, up 49% from last year, to $ 321.7 million and a loss of 14 cents per year. In addition, new investment features will be introduced.

According to SoFi CEO Anthony Noto, the extension of trading hours will begin in the coming weeks and the company aims to make options trading available by the end of the year. In addition, Noto said the company is considering adding cryptocurrency products to its investment platform as a way to provide greater value to SoFi clients.

Noto also took the time to announce the company’s financial results in order to emphasize the company’s ongoing vision. SoFi is committed to building a set of digital finance products to help clients make key financial decisions throughout their lives and to build deeper and more meaningful relationships with them.

“Because we do that through a vertically integrated model, we not only get the best products from the consumer’s point of view, but also the economics of the best units. This gives us a competitive advantage. Vertical integration, we are building the technology to transform into a business, similar to Galileo and Technicis. “

In addition, the company will continue to invest in digital technology to take advantage of the growing consumer demand for digital payments rather than physical ones.

In addition, the company has worked on a recent Fed rate hike to combat inflation. According to SoFi CFO Chris Lapointe, the company expects to raise rates seven more times by the end of the year. However, the company has incorporated it into its remaining future earnings forecasts for 2022.

“We are raising guidance for the full year 2022, with adjusted net revenues of $ 1.55 billion to $ 1.51 billion, surpassing the recently provided full-year guidance of $ 1.47 billion and adjusted EBITDA of $ 100 million. We expect it to go from $ 105 to $ 105, which is $ 1 million above the recently provided $ 100 million guidance. “

Mr. Noto also said that the company has a warning framework in case the economy worsens, such as when the economy goes into recession. But for now, he said, the indicators show that demand for goods and services remains strong and the economy is relatively stable.

In his closing remarks, Mr. Noto said, “We are approaching the midpoint of 2022, and there are many issues to be addressed in the future, but since returning in February 2018, there will be no shortage of issues every year.”

“Each unique challenge is written in each case. It’s unpredictable, but it produces excellent and consistent financial performance, measured in interest, taxes, depreciation, and pre-amortization profit (EBITDA). Both high profit growth and strong profits. “

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