NASDAQ$SOFI
SoFi Technologies Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Reported a strong second quarter with record revenue and third consecutive quarter of GAAP profitability.
SoFi Technologies reported strong Q2 2024 results, including a 20% increase in total net revenue to $598.6 million and a net income of $17.4 million, marking its third consecutive quarter of GAAP profitability. The Financial Services and Tech Platform segments drove growth, and management raised its full-year 2024 guidance.
- Total net revenue increased by 20% year-over-year to $598.6 million.
- Achieved net income of $17.4 million, marking the third consecutive quarter of GAAP profitability.
- Financial Services and Tech Platform segments grew revenue by a combined 46% year-over-year.
- Total members reached nearly 8.8 million, up 41% year-over-year.
Headline financials
Revenue & EPS history
SoFi · Revenue · Quarterly
$599M
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
For Q3 2024, SoFi expects adjusted net revenue of $625 to $645 million, adjusted EBITDA of $160 to $165 million, net income of $40 to $45 million and $0.04 of EPS. For full year 2024, SoFi now expects adjusted net revenue of $2.425 to $2.465 billion, adjusted EBITDA of $605 to $615 million, GAAP net income of $175 to $185 million, and GAAP EPS of $0.09 to $0.10.
Tailwinds
- Adjusted net revenue of $625 to $645 million expected for Q3 2024.
- Adjusted EBITDA of $160 to $165 million expected for Q3 2024.
- Net income of $40 to $45 million expected for Q3 2024.
- EPS of $0.04 expected for Q3 2024.
- Full year adjusted net revenue expected to grow 17 to 19%.
Headwinds
- Guidance assumes lending revenue will be at least 95% of 2023 levels.
- Tech Platform revenue to grow mid-to-high teens percentage year-over-year, versus prior guidance of 20% growth.
- 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 due to market-related assumptions that are not within our control
- Certain legal or advisory costs, tax costs or other costs may arise.
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 Q2 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 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro