Sofi nasdaq Sofi Ceo Anthony Noto Joins Cnbc's mad Money to Detail Company's Financial Roadmap

SoFi (NASDAQ: SOFI): CEO Anthony Noto Joins CNBC’s “Mad Money” to Detail Company’s Financial Roadmap

Anthony Noto, CEO of SoFi Technologies Inc (NASDAQ: SOFI), has joined CNBC’s “Mad Money” to discuss the company’s plans for improving its finances and boosting its stock momentum.

Anthony Noto, the CEO of SoFi, has shared some strategic insights in a conversation with Jim Cramer. The key highlights are:

Profitability Outlook: Noto shared SoFi’s projection of achieving full-year GAAP profitability in 2024. This forecast reflects the company’s steadfast commitment to sustainable growth and financial resilience.

Tech Platform Expansion: SoFi’s momentum in the tech platform and broader financial services industry underscores its strategic diversification efforts aimed at seizing market opportunities.

Caution in Personal Loan Business: Noto emphasized SoFi’s cautious approach in the personal loan segment. The company remains proactive in risk management and optimizes its product offerings to navigate this sector prudently.

Debt Refinancing Initiative: Noto is spearheading an initiative to refinance existing debt. The goal is to save between $40 million and $60 million annually in interest expenses. SoFi aims to enhance its financial flexibility and strengthen its balance sheet by refinancing its high-interest debt at lower rates.

Convertible Note Sale: SoFi recently conducted a convertible note sale to reduce the company’s cost of debt and enhance its overall financial position. Noto acknowledges the potential stock pressure associated with convertibles but believes this strategic move will fuel SoFi’s stock momentum.

Noto acknowledged the short-term pressure on stock performance from investors hedging against convertible securities. However, he underscored the significance of this decision in positioning SoFi for sustained growth and value creation.

SoFi Technologies (NASDAQ: SOFI) Stock Price Action

SOFI stock rose 1.09% to close at $7.44 on Thursday. The traders had exchanged hands with 55,461,372 (55.46 million) shares compared to the average daily trading volume of 56.39 million.