SoFi Technologies Inc (NASDAQ:SOFI) reported better-than-expected fourth-quarter results. The loan platform business continues to scale faster than anticipated, according to Needham analyst Kyle Peterson.

The SoFi Technologies Analyst: Peterson reaffirmed a Buy rating, while cutting the price target from $36 to $33.

The SoFi Technologies Thesis: The company reported GAAP revenue of $1.025 billion, up 39.6% year-on-year, beating consensus of $993.9 million, and GAAP earnings of 13 cents per share, a penny higher than Street expectations, Peterson said in the note.

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"The strength was driven by higher NII, loan platform revenue, and higher interchange fees," he wrote.

SoFi Technologies guided to first-quarter net revenues of around $1.04 billion and earnings of 12 cents per share, in-line with consensus estimates, while projecting full-year net revenue of around $4.655 billion and earnings of 60 cents per share, both higher than Street expectations, the analyst stated.

The company's “management continues to prioritize capital-light and high-margin growth areas within FinTech," he added.

SOFI Price Action: Shares of SoFi Technologies had declined by 2.02% to $22.35 at the time of publication on Monday.

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