SoFi announced Tuesday its first-quarter financial results for the period ending on March 31, 2022. The company reported non-GAAP revenue of $321.7 million, up 49% over last year, and a per-earning loss of 14 cents. Additionally, new investing features are coming.
According to SoFi CEO Anthony Noto, extended trading hours will launch in the coming weeks, while the company is looking to have options trading available by the end of the year. Additionally, Noto said the company is considering adding additional cryptocurrency products to its investing platform as a way to provide greater value to SoFi clients.
Noto also took the time on the company's earnings call to highlight the company's continued vision. SoFi is committed to building a suite of digital finance products to help clients with their major financial decisions throughout their lives and to build a deeper, more meaningful relationship with clients.
"We're doing that through a vertical integrated model so that we have best-of-breed products from a consumer standpoint, but also best of breed unit economics, and that will allow us to have a competitive advantage. And as we build that vertical integration, we're building technologies that we're turning into businesses as we have with Galileo and Technisys," Noto said on the earnings call.
Furthermore, the company will continue investing in digital technologies to take advantage of the growing consumer demand for digital payments in lieu of physical.
Additionally, the company addressed the recent interest hike by the Fed to combat inflation. According to SoFi CFO Chris Lapointe, the company anticipates an additional seven rate hikes by the end of the year. However, the company baked that into their forward-looking revenue projections for the remainder of 2022.
"For the full year of 2022, we are raising guidance and now expect to deliver $1.505 billion to $1.510 billion in adjusted net revenue, exceeding our recently provided full-year guidance of $1.47 billion, and expect to deliver adjusted EBITDA of $100 million to $105 million above our recently provided guidance of $100 million," Lapointe said on the call.
Noto also said the company has a warning framework in place in the event of further deterioration of the economy, such as if the economy were to fall into a recession. However, he said that for now, indicators show demand for products and services remains strong as well as a relatively stable economy.
"As we near the halfway point of 2022, there is no shortage of challenges ahead, but there has been no shortage of challenges every year since we joined back in February of 2018," Noto said in his closing remarks.
"With each set of unique challenges, we have written to case each time. I cannot predict the future, but I can assure you that we have the best strategy in the most diversified set of businesses that have delivered superior, consistent financial performance that generates both high growth in revenue and strong profits as measured by earnings before interest, taxes, depreciation, and amortization (EBITDA)."