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The very first month of 2023 has brought the long awaited good omen for businesses and companies. The struggling phase for the market might not come to an end but indeed a momentary comfort for now. Stock prices of several companies have been on a continuous surge since the starting of this year implying optimism, despite the question of the hour for how long it remains.
Prominent digital finance company SoFi Technologies (NASDAQ: SOFI) is one such company witnessing continued growth for a month now. Currently SOFI stock price is trading at 6.68 USD after a jump of over 12% in the last 24 hours. These prices are significantly high from where it was a month ago from where it jumped up to 48.5%. On the yearly time frame, however, the stock price is down by over 46%.
Given the current trading price, SOFI stock price is staying between the 52-wk range of 4.24 USD to 13.55 USD. The 6.2 billion USD worth market cap company stock has a trading volume of over 163.4 million.
The recent upward movement in the stock price came in the wake of the positive outlook of the digital finance star. The company boasts to achieve profitability in the upcoming months of this year.
Net revenue of SoFi Technologies remained 457 million USD in the fourth quarter of 2022 beating the estimates of around 423 million. This was about 60% higher than the previous year’s revenue of 285.6 million USD.
In terms of customer acquisition, the company achieved the milestone of over 5 million members over its platform after adding about 480,000 new members during the last quarter. This showcases 51% year over year growth. Meanwhile the total deposits account for 7.3 billion USD which is also 46% higher than the previous year.
SoFi reported to have net income of about 30 million USD and also reduced its losses from 111 million USD to 40 million USD only.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
