NASDAQ$SOFI
SoFi Technologies Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
SoFi's Q3 2024 financial results, demonstrating strong growth and profitability, were reported.
SoFi Technologies reported a strong Q3 2024 with record adjusted net revenue of $689.4 million, a 30% increase year-over-year. The company achieved GAAP net income of $60.7 million, marking its fourth consecutive quarter of profitability. Member growth and product innovation were key drivers, with Financial Services and Tech Platform segments contributing significantly to revenue growth.
- Total net revenue reached $697.1 million, up 30% year-over-year.
- Net income was $60.7 million, a significant improvement from the prior year's loss.
- Adjusted EBITDA increased 90% year-over-year to $186.2 million.
- Total members grew by 35% year-over-year, reaching nearly 9.4 million.
Headline financials
Revenue & EPS history
SoFi · Revenue · Quarterly
$697M
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 the full year 2024, SoFi expects to deliver adjusted net revenue of $2.535 to $2.550 billion, adjusted EBITDA of $640 to $645 million, and GAAP net income of $204 to $206 million, with at least 2.3 million new members.
Tailwinds
- Adjusted net revenue of $2.535 to $2.550 billion, implying 22 to 23% annual growth.
- Lending adjusted net revenue will be at least 100% of 2023 levels.
- Financial Services segment revenue to grow more than 80% year-over-year.
- Tech Platform revenue to grow low-to-high teens percentage year-over-year.
- Adjusted EBITDA of $640 to $645 million, representing a 25% adjusted EBITDA margin.
Headwinds
- Management has not reconciled forward-looking non-GAAP measures to their most directly comparable GAAP measures.
- Inability to predict with reasonable certainty the ultimate outcome of certain GAAP components of such reconciliations due to market-related assumptions.
- Uncertainty regarding legal or advisory costs, tax costs, or other costs that may arise.
- Potential impact on business from changing market and economic conditions, including economic downturns, fluctuating inflation and interest rates, and volatility from global events.
- Challenges in achieving and maintaining profitability, operating efficiencies, and continued growth across segments.
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 Q3 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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