SoFi Technologies reported a robust performance in the third quarter of 2024, achieving record financial results and significant growth across its business segments.
Financial Highlights:
- Adjusted Net Revenue: Reached a record $689 million, marking a 30% year-over-year increase, up from 22% in Q2. Q4 CDN
- GAAP Net Income: Achieved nearly $61 million, a substantial improvement from the previous year’s loss. Q4 CDN
- Adjusted EBITDA: Reported at $186 million, reflecting a 90% year-over-year growth. Q4 CDN
Segment Performance:
- Financial Services: Generated $238 million in revenue, up 102% year-over-year, now comprising over a third of total revenue. Q4 CDN
- Technology Platform: Contributed nearly $103 million in net revenue, a 14% increase from the prior year. Q4 CDN
Operational Metrics:
- Member Growth: Added 756,000 new members, bringing the total to 9.4 million, a 35% year-over-year increase. Q4 CDN
- Product Growth: Expanded by over 1 million products to 13.7 million, up 31% year-over-year. Q4 CDN
Strategic Developments:
- Loan Platform Business: Expanded significantly, with loan sales reaching almost $1.3 billion in the quarter and nearly $5 billion over the last 12 months. Q4 CDN
- Product Innovation: Launched new offerings, including alternative assets in SoFi Invest and enhancements to SoFi Money, contributing to increased member engagement and monetization. Q4 CDN
These results underscore SoFi’s strategic focus on diversifying revenue streams and scaling its financial services and technology platforms, positioning the company for sustained growth and profitability.
