The earnings call presented a strong performance for SoFi in Q3 2024, with record revenue and profitability. Significant growth was noted in financial services and tech platform segments. However, challenges in loan originations and delays in tech platform decisions were mentioned. Overall, the highlights significantly outweigh the lowlights, indicating a positive sentiment.

Company Guidance

During SoFi Technologies' Q3 2024 earnings call, the company reported a record adjusted net revenue of $689 million, marking a 30% year-over-year growth, with financial services contributing over one-third of total revenue at $238 million, up 102% from the previous year. The tech platform segment also saw growth to nearly $103 million, a 14% increase. The company added 756,000 new members, reaching a total of 9.4 million, and grew products by over 1 million to 13.7 million, with a notable 52% increase in revenue per product to $81. SoFi's lending segment achieved a record $6.3 billion in loan volume, and the company maintained a strong balance sheet with a total capital ratio of 16.3%. Looking forward, SoFi increased its full-year 2024 revenue guidance to a range of $2.535 billion to $2.550 billion, with adjusted EBITDA expected between $640 million and $645 million.

Record Adjusted Net Revenue

SoFi achieved record adjusted net revenue of $689 million in Q3 2024, a year-over-year growth of 30%.

Strong Financial Services Growth

Financial Services segment revenue reached $238 million, up 102% year-over-year, making up more than 1/3 of total revenue.

Tech Platform Revenue Increase

The tech platform segment grew to nearly $103 million in net revenue, a 14% increase from the previous year.

GAAP Profitability

SoFi achieved its fourth consecutive quarter of GAAP profitability with GAAP net income of nearly $61 million, a $327 million improvement year-over-year.

Strong Member and Product Growth

The company added 756,000 new members, growing 35% year-over-year to a total of 9.4 million members.

Successful Loan Platform Business

The loan platform business generated $56 million in fees, with $1 billion of personal loans originated on behalf of third parties.

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Sofi Technologies Inc (SOFI) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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SOFI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 12, 2021	2021 (Q2)	-0.06 / -0.48	-0.022	-2081.82% (-0.46)	―	―
Nov 10, 2021	2021 (Q3)	-0.14 / -0.05	0	―	―	―
Mar 01, 2022	2021 (Q4)	-0.16 / -0.15	-1.854	91.91% (+1.70)	―	―
May 10, 2022	2022 (Q1)	-0.14 / -0.14	-0.22	36.36% (+0.08)	―	―
Aug 02, 2022	2022 (Q2)	-0.13 / -0.12	-0.48	75.00% (+0.36)	―	―
Nov 01, 2022	2022 (Q3)	-0.11 / -0.09	-0.05	-80.00% (-0.04)
Jan 30, 2023	2022 (Q4)	-0.09 / -0.05	-0.15	66.67% (+0.10)
May 01, 2023	2023 (Q1)	-0.08 / -0.05	-0.14	64.29% (+0.09)
Jul 31, 2023	2023 (Q2)	-0.07 / -0.06	-0.12	50.00% (+0.06)
Oct 30, 2023	2023 (Q3)	-0.08 / -0.29	-0.09	-222.22% (-0.20)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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SOFI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 29, 2024	$11.19	$10.47	-6.43%
Jul 30, 2024	$7.33	$7.42	+1.23%
Apr 29, 2024	$7.87	$7.04	-10.55%
Jan 29, 2024	$7.62	$9.16	+20.21%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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