Business
SoFi Technologies Reports Net Revenue of $697 Million and Net Income of $61 Million for Q3 2024, Demonstrating Durable Growth and Strong Returns
Record Adjusted Net Revenue with Growth Accelerating to 30% Driven by 64% Combined Growth in Financial Services and Tech Platform Segments, representing 49%
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\nRecord Adjusted Net Revenue with Growth Accelerating to 30% Driven by 64% Combined Growth in Financial Services and Tech Platform Segments, representing 49% of Total Adjusted Net Revenue\n\n35% Growth in Members and Strong Product Innovation Remain Key Drivers of Growth\n\nCompany Recorded $174 Million in Capital Light, Fee-Based Revenue, Reinforcing Strength of Increased Mix of Higher ROE Revenue\n\nManagement Raises FY24 Guidance\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 third quarter ended September 30, 2024.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241029800153/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. (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: SoFi Technologies)\nAnthony Noto, CEO of SoFi Technologies, Inc. commented: “This quarter was the strongest quarter in our history. Our results reflect how SoFi is consistently achieving durable growth, how our innovation and brand building are attracting more members and clients to our platform than ever before, and how we are delivering strong and improving returns.\n\n“Our Financial Services and Tech Platform segments now make up a record 49% of SoFi's adjusted net revenue, up from 39% a year ago,\" Noto continued. \"In the third quarter, these businesses grew revenue by a combined 64% year-over-year, a testament of our continued execution and deliberate shift towards capital-light, higher ROE, ...