SoFi Technologies (SOFI) shares surge Monday morning on its all-around earnings beat for the fourth quarter of 2023. This is the first quarterly profit reported by the personal finance technology company.

Yahoo Finance Live anchors Brad Smith and Seana Smith examine SoFi's future revenue projections and rapid loan volume growth.

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Editor's note: This article was written by Luke Carberry Mogan.

Video Transcript

BRAD SMITH: SoFi shares skyrocketing in pre-market after the company posted its first ever quarterly profit. SoFi is also projecting 20% to 25% compound revenue growth between 2023 and 2026. There you're taking a look at your screen some of the actuals versus the estimates and what the Street was looking for.

They beat on both the top and bottom here. And, ultimately, the company also noted that lending products actually increased 24% year-over-year to 1.7 million products. They said it was driven primarily by continued growth in personal loan, products, as well as a notable increase in student loan products too.

SEANA SMITH: Yeah, Brad. When you take a look at these numbers, the lending segment really sticking out to me because following up on what you were just saying, some of the jump that we did see, personal loan origination putting a number on it. The volume there was up 31%. Up 95% for student loans on a year-over-year basis. And up nearly 200%, 193% for home loans from a year ago.

So yes, they are seeing tremendous amount of strength or surge in loan volumes. Obviously, being reflected in these better than expected results that we're getting here from SoFi. And then deposits, putting a number on that. Increasing by nearly three billion in customers. And now, more than 7.5 million.

So certainly, we are seeing a lot of that optimism reflected in the stock price here this morning with gains of nearly 15% ahead of the open.

BRAD SMITH: Yeah. There was one other announcement that actually came out in tandem with this report, just after the actual earnings had crossed the wire. They had made an announcement about a new personal finance company, as well, SoFi invest.

And that's going to be particularly interesting because that gives them another, perhaps, line of business segment for investors to look across for this company going forward from here. Six thousand mutual funds, and it sounds like there's, at least, some team up with specific venture funds, Ark. Cathie Wood will be happy to know and perhaps had already been in discussions anyway.