Business
SoFi Technologies Reports Q1 2024 Net Revenue of $645 Million and Net Income of $88 Million, Marking Second Consecutive Quarter of GAAP Profitability
54% Combined Revenue Growth in Tech Platform and Financial Services Segments Drove 26% Growth in Total Adjusted Net Revenue Management Raises FY 24 Guidance
About this update from Sofi Technologies, Inc.
[{"type":"text","content":"\n54% Combined Revenue Growth in Tech Platform and Financial Services Segments Drove 26% Growth in Total Adjusted Net Revenue\n\n\nManagement Raises FY 24 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 first quarter ended March 31, 2024.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240429229505/en/(Graphic: Business Wire)\nAnthony Noto, CEO of SoFi Technologies, Inc. commented: “Our first quarter was an exceptionally strong start to 2024, demonstrating significant momentum as we responsibly grow revenue and diversify toward our Financial Services and Tech Platform segments, sustain profitability, reinforce our balance sheet, and grow our member base. We delivered adjusted net revenue of $581 million, representing 26% year-over-year growth. Financial Services and Tech Platform segment revenue combined grew 54% and represented a record 42% of consolidated adjusted net revenue, offsetting flat Lending segment revenue given a more conservative approach in light of macroeconomic uncertainty.”\n\n\n“We delivered adjusted EBITDA of $144 million, a 25% margin, representing 91% year-over-year growth. This equates to a 57% incremental adjusted EBITDA margin, with all three segments profitable on a contribution basis. At the same time, we further strengthened our balance sheet growing tangible book value by $608 million, ending the quarter at $4.1 billion and $3.92 of tangible book value per share up 16% sequentially.\"\n\n\n\n\nConsolidated Results Summary\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\nThree Months Ended March 31,\n\n\n\n\n\n\n \n\n\n\n\n\n\n% Change\n\n\n\n\n\n\n\n\n($ in thousands, except per share amounts)\n\n\n\n\n\n\n \n\n\n\n\n\n\n2024\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\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$\n\n\n\n\n\n\n644,995\n\n\n\n\n\n\n \n\n\n\n\n\n\n$\n\n\n\n\n\n\n472,158\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\n\n\n\n\nNet income (loss)\...