Sofi Technologies Inc ( (SOFI) ) has released its Q4 earnings. Here is a breakdown of the information Sofi Technologies Inc presented to its investors.
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SoFi Technologies Inc., a digital financial services company, has reported its financial results for the fourth quarter and full year of 2024, highlighting a record net revenue of $734 million and a net income of $332 million, showcasing significant growth and profitability milestones. The company achieved a 24% increase in adjusted net revenue, primarily driven by a 52% growth in its Financial Services and Tech Platform segments, which now represent nearly half of its total adjusted net revenue. This growth was complemented by a 34% increase in memberships and a 32% rise in product offerings, reinforcing the company’s expansion strategy. SoFi’s financial performance included a substantial 63% rise in fee-based revenue, reaching $289 million, and successfully maintained GAAP profitability for the fifth consecutive quarter. The company also reported improvements in credit performance and celebrated a strong year for its lending operations, with a notable increase in personal, student, and home loan originations. Looking ahead, SoFi’s management remains optimistic about continuing this growth trajectory into 2025, aiming for further enhancements in the company’s revenue streams and member base.
