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SoFi Technologies | 8-K: SoFi Technologies Reports First Quarter 2024 Results

SEC announcement ·  Apr 29 19:08
Summary by Futu AI
SoFi Technologies, Inc. reported its financial results for the first quarter of 2024 on April 29, 2024, marking its second consecutive quarter of GAAP profitability. The company announced a net revenue of $645 million and a net income of $88 million. The growth was primarily driven by a 54% revenue increase in the Tech Platform and Financial Services segments, contributing to a 26% growth in total adjusted net revenue. CEO Anthony Noto highlighted the company's strong start to the year, with a 91% year-over-year growth in adjusted EBITDA, reaching $144 million. SoFi also raised its full-year 2024 guidance, expecting higher adjusted net revenue and EBITDA than previously forecasted. The company's balance sheet was further strengthened by issuing convertible notes and exchanging existing notes for common...Show More
SoFi Technologies, Inc. reported its financial results for the first quarter of 2024 on April 29, 2024, marking its second consecutive quarter of GAAP profitability. The company announced a net revenue of $645 million and a net income of $88 million. The growth was primarily driven by a 54% revenue increase in the Tech Platform and Financial Services segments, contributing to a 26% growth in total adjusted net revenue. CEO Anthony Noto highlighted the company's strong start to the year, with a 91% year-over-year growth in adjusted EBITDA, reaching $144 million. SoFi also raised its full-year 2024 guidance, expecting higher adjusted net revenue and EBITDA than previously forecasted. The company's balance sheet was further strengthened by issuing convertible notes and exchanging existing notes for common stock, which improved the total capital ratio to 17.3%. SoFi's member base grew to over 8.1 million, with product additions surpassing 989,000 for the quarter. The company's Lending segment saw flat revenue due to a conservative approach amidst macroeconomic uncertainty, while the Financial Services segment grew by 86% compared to the previous year. SoFi's Technology Platform segment also reported a 21% increase in net revenue year-over-year.

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