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SoFi Technologies | 8-K: Results of Operations and Financial Condition.

SEC ·  Jul 30 07:10
Summary by Moomoo AI
SoFi Technologies, Inc. reported its financial results for the second quarter ended June 30, 2024, on July 30, 2024. The company announced a net revenue of $599 million and a net income of $17 million for Q2 2024, marking its third consecutive quarter of GAAP profitability. The record adjusted net revenue was driven by a 46% combined growth in the Financial Services and Tech Platform segments, compared to a 5% growth in Lending. The company also raised its FY24 guidance due to a 41% growth in members and strong product innovation, which remain key drivers of current and future growth. SoFi's CEO, Anthony Noto, attributed the strong performance to the company's focus on product innovation and member growth. The company's one-stop shop strategy continues to deliver diversified growth...Show More
SoFi Technologies, Inc. reported its financial results for the second quarter ended June 30, 2024, on July 30, 2024. The company announced a net revenue of $599 million and a net income of $17 million for Q2 2024, marking its third consecutive quarter of GAAP profitability. The record adjusted net revenue was driven by a 46% combined growth in the Financial Services and Tech Platform segments, compared to a 5% growth in Lending. The company also raised its FY24 guidance due to a 41% growth in members and strong product innovation, which remain key drivers of current and future growth. SoFi's CEO, Anthony Noto, attributed the strong performance to the company's focus on product innovation and member growth. The company's one-stop shop strategy continues to deliver diversified growth and profitability despite macroeconomic volatility. SoFi's Financial Services and Tech Platform segments now account for 45% of adjusted net revenue, up from 38% a year ago. The Lending segment also saw a 3% increase in GAAP net revenue to $340.7 million, with net interest income rising 20% year-over-year. SoFi Bank, N.A. generated $98 million of GAAP net income at a 20% margin in Q2 2024. Member and product growth continued with over 643,000 new members added in the quarter, reaching nearly 8.8 million members by quarter-end. Total products reached nearly 12.8 million, up 36% from the same period last year. For Q3 2024, management expects adjusted net revenue of $625 to $645 million, adjusted EBITDA of $160 to $165 million, net income of $40 to $45 million, and $0.04 of EPS. For the full year 2024, adjusted net revenue is now expected to be $2.425 to $2.465 billion, with adjusted EBITDA of $605 to $615 million, and GAAP net income of $175 to $185 million.

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