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Jun 30, 2024
SoFi Q2 2024 Earnings Report
Reported a strong second quarter with record revenue and third consecutive quarter of GAAP profitability.
Key Takeaways
SoFi Technologies reported strong Q2 2024 results, including a 20% increase in total net revenue to $598.6 million and a net income of $17.4 million, marking its third consecutive quarter of GAAP profitability. The Financial Services and Tech Platform segments drove growth, and management raised its full-year 2024 guidance.
Total net revenue increased by 20% year-over-year to $598.6 million.
Achieved net income of $17.4 million, marking the third consecutive quarter of GAAP profitability.
Financial Services and Tech Platform segments grew revenue by a combined 46% year-over-year.
Total members reached nearly 8.8 million, up 41% year-over-year.
SoFi
SoFi
SoFi Revenue by Segment
Revenue by Segment
Lending Revenue
CapyFin.comTechnology Platform Revenue
CapyFin.comFinancial Services Revenue
CapyFin.com Forward Guidance
For Q3 2024, SoFi expects adjusted net revenue of $625 to $645 million, adjusted EBITDA of $160 to $165 million, net income of $40 to $45 million and $0.04 of EPS. For full year 2024, SoFi now expects adjusted net revenue of $2.425 to $2.465 billion, adjusted EBITDA of $605 to $615 million, GAAP net income of $175 to $185 million, and GAAP EPS of $0.09 to $0.10.
Positive Outlook
- Adjusted net revenue of $625 to $645 million expected for Q3 2024.
- Adjusted EBITDA of $160 to $165 million expected for Q3 2024.
- Net income of $40 to $45 million expected for Q3 2024.
- EPS of $0.04 expected for Q3 2024.
- Full year adjusted net revenue expected to grow 17 to 19%.
Challenges Ahead
- Guidance assumes lending revenue will be at least 95% of 2023 levels.
- Tech Platform revenue to grow mid-to-high teens percentage year-over-year, versus prior guidance of 20% growth.
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures.
- The company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions that are not within our control
- Certain legal or advisory costs, tax costs or other costs may arise.