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SoFi Technologies | 8-K: SOFI TECHNOLOGIES, INC. REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 RESULTS

SEC announcement ·  Jan 29 20:08
Summary by Futu AI
On January 29, 2024, SoFi Technologies, Inc. reported its financial results for the fourth quarter and full fiscal year ended December 31, 2023. The company announced a 35% year-over-year increase in GAAP net revenue to $615 million for the quarter, with adjusted net revenue also up 34% to $594 million. Adjusted EBITDA saw a significant increase of 159% to $181 million. SoFi also reported a positive GAAP net income of $48 million, or $0.02 per share, compared to a loss in the same quarter the previous year. The quarter saw nearly 585,000 new members added, bringing the total membership to over 7.5 million, a 44% increase year-over-year. Product numbers also grew by 41% to over 11.1 million. The company's CEO, Anthony Noto, highlighted the record revenue across all business segments and the...Show More
On January 29, 2024, SoFi Technologies, Inc. reported its financial results for the fourth quarter and full fiscal year ended December 31, 2023. The company announced a 35% year-over-year increase in GAAP net revenue to $615 million for the quarter, with adjusted net revenue also up 34% to $594 million. Adjusted EBITDA saw a significant increase of 159% to $181 million. SoFi also reported a positive GAAP net income of $48 million, or $0.02 per share, compared to a loss in the same quarter the previous year. The quarter saw nearly 585,000 new members added, bringing the total membership to over 7.5 million, a 44% increase year-over-year. Product numbers also grew by 41% to over 11.1 million. The company's CEO, Anthony Noto, highlighted the record revenue across all business segments and the achievement of a 30% adjusted EBITDA margin, in line with long-term targets. SoFi's bank, SoFi Bank, N.A., generated $128.6 million of GAAP net income at a 27% margin for the quarter. Looking ahead, management provided guidance for 2024, expecting $550 to $560 million of adjusted net revenue in the first quarter and GAAP net income of $10 to $20 million. For the full year, they anticipate an adjusted EBITDA margin of approximately 30%, equating to $580 to $590 million.

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