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SOFI Surges After Firm Reports 37% Revenue Jump in Q1
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SOFI Surges After Firm Reports 37% Revenue Growth in Q1

  • SoFi Technologies, Inc. (SOFI) demonstrated impressive revenue growth in the Q1, exceeding market expectations.

SoFi Technologies, Inc. (NASDAQ: SOFI) has once again demonstrated its robust growth trajectory and financial health in the first quarter of 2024, with remarkable results that exceeded market expectations and set a promising tone for the year ahead.

The company’s strategic focus on expanding its financial services and tech platform segments has paid off, contributing significantly to its overall performance and profitability.

SoFi Technologies Reports 37% Jump in Revenue from Previous Years’s Q1

In the first quarter of 2024, SoFi Technologies reported a total GAAP net revenue of $645 million, a 37% increase from the previous year’s $472.2 million.

This impressive growth is mainly attributable to the company’s 54% revenue growth in both the Tech Platform and Financial Services segments, which collectively drove a 26% growth in total adjusted net revenue, reaching $581 million.

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The company achieved its second consecutive quarter of GAAP net income, reporting $88 million, a remarkable turnaround from a loss of $34.4 million in the first quarter of 2023.

The company’s adjusted EBITDA stood at $144 million, representing a 91% year-over-year growth and a 25% margin. The company also reported strengthening its balance sheet, with tangible book value growing by $608 million to end the quarter at $4.1 billion.

SoFi Technologies Smashes Expectations in Q1 with $0.02 EPS

Compared to the market’s expectations for the quarter, SoFi Technologies has outperformed significantly. Analysts had anticipated an EPS of $0.007 and revenue of $555.09 million.

However, the company surpassed these projections comfortably with a reported EPS of $0.02 (diluted basis) and revenue of $645 million.

Looking ahead, SoFi Technologies has raised its guidance for FY 2024, reflecting the company’s confidence in its growth trajectory and the underlying strength of its business model. 

The company now expects to deliver adjusted net revenue of $2.39 to $2.43 billion, up from the previously implied guidance range.

This updated guidance assumes that Lending revenue will be 92% to 95% of 2023 levels, with the Tech Platform expected to grow approximately 20% year over year and Financial Services revenue anticipated to grow more than 75% year over year.

SoFi Technologies Ups Guidance for FY 2024

Furthermore, the company has raised its expected adjusted EBITDA to $590 to $600 million, above the prior guidance of $580 to $590 million. This adjustment signals SoFi’s operational efficiency and its ability to scale profitably.

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The company also expects a full-year GAAP net income of $165 to $175 million, significantly higher than the previous guidance, reflecting the positive impact of its strategic initiatives and operational improvements.

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