SoFi Technologies (SOFI) started this earnings week by posting a profit. Shares soared by 20.21% yesterday to $9.16, albeit still below its December high.
Investors squeezed SoFi shorts when the company issued 2024 GAAP earnings per share of $0.07 to $0.08. It expects membership growth of at least 2.3 million new members. This is up an impressive 30% Y/Y.
The break-even quarter is a milestone for SoFi. Its double-digit percentage growth from here will set its business on the path to sustained profitability.
After the market closed last night, Whirlpool (WHR) posted net sales rising by only 1.3% Y/Y. Net sales fell in Europe, Middle East, and Africa, down by 3.2% to $995 million. The appliance supplier expects 2024 full-year sales of $16.9 billion. This is well below the $17.7 billion consensus estimate. The CEO said that its business needs a reset in its cost structure by removing $300 million to $400 million in expenses.
Cleveland-Cliffs (CLF), an iron ore miner, posted revenue of $5.11 million, up by 1.4% Y/Y. For 2024, the firm expects steel shipment volume at levels similar to 2023 (16.5 million net tons compared to 16.4 million last year).
Tomorrow, markets will watch the technology sector. AMD, Microsoft (MSFT), and Alphabet (GOOG) will post results.
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