Business
SoFi Technologies, Inc. Reports Second Quarter 2023 Results
Record GAAP and Adjusted Net Revenue for Second Quarter 2023 GAAP Net Revenue of $498 Million Up 37%; $489 Million Adjusted Net Revenue Up 37% Year-over-Year
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nRecord GAAP and Adjusted Net Revenue for Second Quarter 2023\n GAAP Net Revenue of $498 Million Up 37%; $489 Million Adjusted Net Revenue Up 37% Year-over-Year\nRecord Adjusted EBITDA of $77 Million Up 278% Year-over-Year\nNew Member Adds of Over 584,000; Quarter-End Total Members Up 44% Year-over-Year to Over 6.2 Million\nNew Product Adds of Nearly 847,000; Quarter-End Total Products Up 43% Year-over-Year to Over 9.4 Million Total Deposit Growth of $2.7 Billion, Up 26% During the Second Quarter to $12.7 Billion\nManagement Raises Full-Year 2023 Guidance\n\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nSoFi Technologies, Inc. (NASDAQ: SOFI), a member-centric, one-stop shop for digital financial services that helps members borrow, save, spend, invest and protect their money, reported financial results today for its second quarter ended June 30, 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230731284667/en/Members (In Thousands), Products (In Thousands) (Graphic: Business Wire)\n“We delivered another quarter of record financial results and generated our ninth consecutive quarter of record adjusted net revenue, which was up 37% year-over-year. Record revenue at the company level was driven by record revenue in both our Technology Platform business segment and our Financial Services business segment coupled with continued strong Lending business segment revenue growth. We also generated our fourth consecutive quarter of record adjusted EBITDA of $77 million, representing a 43% incremental adjusted EBITDA margin and a 16% margin overall, as well as a 36% incremental GAAP net income margin,” said Anthony Noto, CEO of SoFi Technologies, Inc.\n\n\n\n\nConsolidated Results Summary\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended June 30,\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\n($ in thousands, except per share amounts)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2023\n\n\n\n\n\n\n \n\n\n\n\n\n\n2022\n\n\n\n\n\n\n \n\n\n\n\n\n% Change\n\n\n\nConsolidated – GAAP\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n\n\nTotal net revenue\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n498,018\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n362,527\n\n\n\n\n\n\n \n\n\n\n\n\n\n \n\n\n\n\n\n\n37\n\n\n\n\n\n\n%\n\n\n\n\...