NASDAQ$SOFI
SoFi Technologies Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
SoFi's Q1 2024 was marked by strong revenue growth, GAAP profitability, and increased member base.
SoFi Technologies reported a strong start to 2024 with significant momentum in revenue growth and diversification towards Financial Services and Tech Platform segments. The company achieved GAAP net income of $88 million and adjusted net revenue of $581 million, representing 26% year-over-year growth. Management raised FY24 guidance based on the strong Q1 performance.
- Total net revenue increased by 37% year-over-year to $645 million.
- Achieved net income of $88 million, marking the second consecutive quarter of GAAP profitability.
- Adjusted net revenue grew 26% year-over-year to $581 million.
- Total deposits grew by a record of $3.0 billion, up 16% during the first quarter to $21.6 billion at quarter-end.
Headline financials
Revenue & EPS history
SoFi · Revenue · Quarterly
$645M
Revenue by segment
SoFi · $557M total across 3 segments · Q3 2023
- Lending$349M+15.7%62.6%
- Financial Services$118M+141.6%21.2%
- Technology Platform$89.9M+6.1%16.1%
Forward guidance
SoFi provided guidance for full year 2024, expecting adjusted net revenue of $2.39 to $2.43 billion and adjusted EBITDA of $590 to $600 million. They also expect GAAP net income of $165 to $175 million and GAAP EPS of $0.08 to $0.09.
Tailwinds
- Adjusted net revenue of $2.39 to $2.43 billion
- Adjusted EBITDA of $590 to $600 million
- GAAP net income of $165 to $175 million
- GAAP EPS of $0.08 to $0.09
- Growth in tangible book value of approximately $800 million to $1 billion
Headwinds
- Lending revenue will be 92% to 95% of 2023 levels
- Tech Platform will grow approximately 20% year over year
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures
- The company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain GAAP components of such reconciliations
- Management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable GAAP measures
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+0.3%
Avg return
Earnings day
-2.3%
Avg return
5 days after
-4.2%
Avg return
30 days after
54%
13 / 24 earnings
Positive
+29.4%
Q2 2022
Best reaction
-21.3%
Q1 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.4% | -11.8% | -0.7% | |
| Q4 2025 | -2.1% | -14.8% | -27.1% | |
| Q3 2025 | +3.7% | -1.1% | -5.0% | |
| Q1 2025 | +0.5% | -3.8% | -0.2% | |
| Q4 2024 | -10.3% | -11.9% | -19.3% | |
| Q3 2024 | +0.3% | -1.3% | +44.1% | |
| Q2 2024 | +2.9% | -9.3% | +9.5% | |
| Q1 2024 | -13.9% | -11.6% | -13.0% | |
| Q4 2023 | +10.2% | +3.4% | +16.3% | |
| Q3 2023 | +9.9% | +16.6% | +7.0% | |
| Q2 2023 | +8.4% | -0.5% | -8.5% | |
| Q1 2023 | -21.3% | -17.2% | +11.4% | |
| Q4 2022 | +16.7% | +25.6% | +8.4% | |
| Q3 2022 | -5.9% | -4.8% | -12.9% | |
| Q2 2022 | +29.4% | +25.2% | -8.0% | |
| Q1 2022 | -8.0% | +13.1% | +2.3% | |
| Q4 2021 | +1.1% | -12.7% | -17.5% | |
| Q4 2019 | +1.1% | -12.7% | -17.5% | |
| Q3 2020 | -4.8% | -10.5% | -33.4% | |
| Q3 2021 | +3.7% | +3.5% | -32.2% | |
| Q2 2020 | -8.3% | -6.3% | +3.1% | |
| Q2 2021 | -11.3% | -18.6% | -9.5% | |
| Q1 2021 | +7.5% | +7.3% | +14.0% | |
| Q4 2020 | -1.7% | -1.0% | -11.5% | |
| Q1 2020 | — | — | — |
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