$SOFI

No changes to the chart here, a lot of requests for $SOFI this morning after their earnings report has impressed the market....$SOFI and $PLTR tend to get a strong reaction from the market when they post expected or slightly better than expected earnings but the profit report is likely what did it for them today.

Wave 3 remains at the 1.618 Fib at $18.57.

From Investors Place:

Shares of SoFi SOFI are surging higher after the personal finance company reported its fourth-quarter earnings, revealing its first-ever positive quarterly GAAP earnings per share (EPS) of 2 cents compared to the analyst estimate for 0 cents. GAAP net income tallied in at $47.91 million, up from a loss of $40 million a year ago. On top of that, adjusted EBITDA was a record high $181 million, signaling year-over-year (YOY) growth of 159%, while adjusted EBITDA margin was 30%.

“We saw new member adds of nearly 585,000 and growth of 44% for total period end members of over 7.5 million, with new product adds of nearly 695,000 and growth of 41% to over 11 million total products at period end,” said CEO Anthony Noto.

SoFi Stock Surges on First Quarterly Profit

Furthermore, SoFi’s GAAP net revenue increased by 35% to $615 million while adjusted net revenue was up by 34% to $594 million. Analysts had forecasted adjusted net revenue of $572 million, meaning that SoFi beat the estimate by 3.8%.

SoFi’s revenue consists of three segments: lending, financial services and its technology platform. Lending adjusted net revenue was $346.5 million, up by 10% YOY. Within lending, personal loans contributed $3.22 billion in origination volume, up from $2.46 million a year ago. Student loans added $789.97 million in volume, while home loans added $308.88 million. SoFi’s combined lending products grew by 24%.