SoFi Technologies, Inc. reported financial results for the quarter ended June 30, 2024, with notable year-over-year improvements. The company's reportable segments total contribution profit increased to $284.3 million from $196.1 million, while corporate/other total net income improved from a loss of $19.1 million to a loss of $13.7 million. Despite a decrease in noninterest income, total net revenue rose by 20% to $598.6 million, and net income reached $17.4 million, a significant improvement from the $47.5 million loss in the same period last year. Diluted earnings per share were $0.01, compared to a loss per share of $0.06 in 2023. The lending segment saw an 8% increase in contribution profit, driven by net interest income from higher loan balances and yields. Technology Platform segment's contribution profit surged by 82%, with...Show More

SoFi Technologies, Inc. reported financial results for the quarter ended June 30, 2024, with notable year-over-year improvements. The company's reportable segments total contribution profit increased to $284.3 million from $196.1 million, while corporate/other total net income improved from a loss of $19.1 million to a loss of $13.7 million. Despite a decrease in noninterest income, total net revenue rose by 20% to $598.6 million, and net income reached $17.4 million, a significant improvement from the $47.5 million loss in the same period last year. Diluted earnings per share were $0.01, compared to a loss per share of $0.06 in 2023. The lending segment saw an 8% increase in contribution profit, driven by net interest income from higher loan balances and yields. Technology Platform segment's contribution profit surged by 82%, with total net revenue up 9% due to increased client activity and account growth. The Financial Services segment turned a profit, with a contribution profit of $55.2 million, a stark contrast to the loss in the previous year, driven by growth in deposits and interchange fees. SoFi Bank's deposits provided a significant source of funding, contributing to a well-capitalized status with a total capital ratio of 16.8%. The company's liquidity position remains strong, with over $10 billion in available capacity. SoFi's strategic focus on diversifying funding sources, optimizing loan sales, and expanding its deposit base has positioned it well for enduring market cycles and macroeconomic volatility.