24/7 Market News- SoFi Technologies Reports Q2 2024 Financial Results and Raises FY24 Guidance

July 30, 2024

DENVER, Colo., Jul 30, 2024 (247marketnews.com)- SoFi Technologies, Inc. (NASDAQ:SOFI) reported its second quarter financial results and management raised its full year 2024 guidance.

SoFi reported 41%-member growth and record adjusted net revenue, driven by 46% combined growth in financial services and tech platform segments.

SoFi’s CEO, Anthony Noto, stated, “We had an exceptional second quarter. Our relentless focus on product innovation and member growth across our portfolio of businesses not only drove strong results today, but we expect that they’ll fuel financial growth for years to come. Our one-stop shop strategy continues to deliver strong, diversified growth and profitability, despite macroeconomic volatility.

“Our Financial Services and Tech Platform segments now make up a record 45% of SoFi’s adjusted net revenue, up from 38% a year ago and 32% two years ago,” Noto continued. “In the second quarter, these businesses grew revenue by a combined 46% year-over-year, given our clear structural advantages and leading value proposition in Financial Services, along with the Tech Platform’s continued progress on its journey of becoming the AWS of financial services. Despite the rate environment and our conservative stance in Lending, we drove sustained strong results in the quarter and are ready to move quickly once things improve.”

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