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Jun 30, 2023
SoFi Q2 2023 Earnings Report
Achieved record GAAP and Adjusted Net Revenue, driven by growth in Technology Platform and Financial Services segments, and raised full-year 2023 guidance.
Key Takeaways
SoFi Technologies, Inc. reported record GAAP net revenue of $498 million, up 37% year-over-year, and adjusted net revenue of $489 million, also up 37%. The company added over 584,000 new members and nearly 847,000 new products. Total deposits grew by $2.7 billion to $12.7 billion. Management raised full-year 2023 guidance.
GAAP Net Revenue of $498 Million Up 37%; $489 Million Adjusted Net Revenue Up 37% Year-over-Year
Record Adjusted EBITDA of $77 Million Up 278% Year-over-Year
New Member Adds of Over 584,000; Quarter-End Total Members Up 44% Year-over-Year to Over 6.2 Million
Total Deposit Growth of $2.7 Billion, Up 26% During the Second Quarter to $12.7 Billion
Revenue by Segment
Forward Guidance
Management expects to generate $1.025 to $1.085 billion of adjusted net revenue in the second half of 2023, up 19% to 26% year-over-year, and $180 to $190 million of adjusted EBITDA. For the full year 2023, management expects adjusted net revenue of $1.974 to $2.034 billion and full-year adjusted EBITDA of $333 to $343 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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