MW SoFi hits a record for new customers, and its stock is rising

By Emily Bary

The financial-technology company also boosted its full-year outlook

SoFi Technologies Inc. brought in a record 800,000 new customers in the latest quarter, helping propel the company to better-than-expected overall results.

The financial-technology company beat across the board with its first-quarter numbers, which included adjusted net revenue of $771 million, above the $739 million expected by analysts tracked by FactSet. SoFi (SOFI) said it benefited from the investments it has made in growing its brand awareness.

Fee-based revenue was up 67% from a year earlier to hit $315 million, another record.

Shares of SoFi were up nearly 2% in premarket action Tuesday.

SoFi was profitable on a GAAP basis for the sixth quarter in a row, turning in 6 cents in earnings per share. That was double what analysts tracked by FactSet were modeling.

"These results demonstrate the strength of SoFi's unique strategy, combination of businesses, and product architecture, which give us a sustainable competitive advantage with the highest lifetime value per member," Chief Executive Anthony Noto said in a release.

The company originated $5.5 billion in personal loans during the period, up 69% from a year before. Student-loan origination volume of $1.2 billion was up 59% from a year before, while home-loan origination volume of $518 million rose 54%.

SoFi said its credit performance has been improving, with a 3.31% annualized charge-off rate for personal loans during the first quarter. That compares with 3.37% in the fourth quarter. SoFi noted that those numbers account for asset sales, originations and delinquency sales.

"Had SoFi not sold these late-stage delinquent loans," it would have seen a 4.8% annualized net charge-off rate in personal lending versus 4.9% the quarter before, the company estimated.

The company boosted its full-year forecast, which now calls for $3.235 to $3.310 billion in adjusted net revenue versus the prior outlook of $3.200 billion to $3.275 billion. SoFi also anticipates $875 million to $895 million in adjusted earnings before interest, taxes, depreciation and amortization, whereas it was previously calling for $845 million to $865 million.

For the second quarter, SoFi is looking for $785 million to $805 million of adjusted net revenue along with $200 to $210 million in adjusted Ebitda. Analysts tracked by FactSet were anticipating $783 million and $196 million, respectively.

-Emily Bary

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April 29, 2025 07:17 ET (11:17 GMT)

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