Sofi Technologies Inc ( (SOFI) ) has realeased its Q3 earnings. Here is a breakdown of the information Sofi Technologies Inc presented to its investors.
SoFi Technologies Inc., a digital financial services company, offers a comprehensive suite of financial products across its Lending, Financial Services, and Technology Platform segments, aiming to empower its nearly 9.4 million members towards achieving financial independence with unique and innovative offerings.
In its latest earnings report, SoFi Technologies Inc. announced a robust financial performance for the third quarter of 2024, highlighting a total net revenue of $697 million and a net income of $61 million. The company achieved a record 30% growth in adjusted net revenue and a 90% increase in adjusted EBITDA. This strong performance underscores the firm’s strategic shift towards capital-light, fee-based revenue streams and continued innovation across its product lines.
Key financial metrics include a 35% growth in members, bringing the total to nearly 9.4 million, and a 31% increase in total products, reaching 13.7 million. Notably, the Financial Services and Tech Platform segments experienced a combined growth of 64% year-over-year, now representing 49% of SoFi’s total adjusted net revenue. The Lending segment also saw significant growth, with personal loan originations reaching a record $4.9 billion, up 26% from the previous year.
The company’s strategic focus on product innovation and member engagement has resulted in record highs for SoFi Money accounts and substantial growth in SoFi Invest and SoFi Credit Card offerings. SoFi’s Tech Platform also expanded its client base, contributing to a 14% increase in net revenue for that segment.
Looking ahead, SoFi Technologies has raised its full-year 2024 guidance, expecting adjusted net revenue to grow by 22% to 23%, with adjusted EBITDA projected at $640 to $645 million. The company remains optimistic about its growth trajectory, anticipating further expansion in its member base and product offerings as it continues to leverage its unique financial technology stack and member-centric approach.
