Guidance for Q1 adjusted Ebitda was below expectations, but the adjusted revenue guidance was above

Shares of SoFi Technologies Inc. were taking a dive in early Monday trading, as investors focused more on the financial-technology company’s downbeat outlook for profitability than on an upbeat revenue outlook and strong results for the latest quarter.

For the current first quarter, SoFi said it expects $175 million to $185 million in adjusted earnings before interest, taxes, depreciation and amortization, which is a closely watched measure of underlying profitability, while the FactSet consensus was for $192 million.

The stock SOFI tumbled 12% in premarket trading. The selloff comes two sessions after it closed at the highest price since November 2021.

Meanwhile, the company is also targeting first-quarter adjusted net revenue, which excludes some nonrecurring items, of $725 million to $745 million, while analysts were modeling $688 million.

For the fourth quarter to Dec. 31, SoFi reported record adjusted net revenue of $739.1 million, which rose 24.4% from a year ago, and was well above the FactSet consensus of $674.6 million. The margin of that revenue beat was the widest since the first quarter of 2022.

Net revenue for the period rose 19.3% to $734.1 million.

Helping fuel the growth, fee-based revenue jumped 63% to $289.5 million and financial services revenue climbed 84% to $256.5 million. And record new member additions of 785,000 for the quarter was 34% above that of last year.

Home-loan originations, which includes purchases, refinancing and home-equity loans, rose 87% to $577 million, the best performance since the end of 2021. Student-loan originations were up 71% to $1.3 billion, also the best since performance in four years.

Personal-loan originations increased 63% to a record $5.3 billion.

Net income for the quarter was $332.5 million, or 29 cents a share, compared with $47.9 million, or 2 cents a share, a year ago. Adjusted EPS rose to 5 cents, which topped the FactSet consensus of 4 cents.