Business
SoFi Technologies Reports Net Revenue of $599 Million and Net Income of $17 Million for Q2 2024, Marking Third Consecutive Quarter of GAAP Profitability
Record Adjusted Net Revenue Driven by 46% Combined Growth in Financial Services and Tech Platform Segments vs 5% Lending Growth Given Conservative Stance 41%
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nRecord Adjusted Net Revenue Driven by 46% Combined Growth in Financial Services and Tech Platform Segments vs 5% Lending Growth Given Conservative Stance\n\n\n41% Growth in Members and Strong Product Innovation Remain Key Drivers of Current and Future Growth\n\n\nManagement Raises FY24 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, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240730317295/en/Note: For additional information on our company metrics, including the definitions of \"Members\", \"Total Products\" and \"Technology Platform Total Accounts\", see Table 6 in the “Financial Tables” herein. Beginning in the first quarter of 2024, new member and new product addition metrics for the relevant period reflect actual growth or declines in members and products that occurred in that period whereas the total number of members and products reflects not only the growth or decline of each metric in the current period but also additions or deletions due to prior period factors, if any, described in Table 6 in the “Financial Tables” herein. (1) The company includes SoFi accounts on the Galileo platform-as-a-service in its total Technology Platform accounts metric to better align with the presentation of Technology Platform segment revenue. (Graphic: Business Wire)\nAnthony Noto, CEO of SoFi Technologies, Inc. commented: “We had an exceptional second quarter. Our relentless focus on product innovation and member growth across our portfolio of businesses not only drove strong results today, but we expect that they'll fuel financial growth for years to come. Our one-stop shop strategy continues to deliver strong, diversified growth and profitability, despite macroeconomic volatility.\"\n\n\n“Our Financial Services and Tech Platform segments now make up a record 45% of SoFi's adjusted net revenue, up from 38% a year ago and 32% two years ago,\" Noto continued. \"In the second quarter, these businesses grew revenue by a combined 46% year-over-year, given our clear structural advantages and leading value proposition in Financi...