Q2 2024 SoFi Technologies Inc Earnings Call Transcript
Key Points
- SoFi Technologies Inc (SOFI) achieved record adjusted net revenue of $597 million, a 22% year-over-year increase.
- The company recorded its third consecutive quarter of GAAP profitability with $17 million in GAAP net income versus a loss of $40 million in Q2 of 2023.
- SoFi Technologies Inc (SOFI) added 643,000 members in Q2, bringing the total to 8.8 million, up 41% year-over-year.
- The Financial Services segment reported record revenue of $176 million, up 80% from the previous year, driving a contribution profit of $55 million.
- The Tech Platform segment recorded revenue of $95 million, up 9% year-over-year, with a contribution profit of $31 million at a 33% margin.
- Non-interest income in the Lending segment was down 38% year-over-year as planned.
- The Credit Card and Invest businesses are still in investment mode, with nearly $100 million in annualized losses.
- The company remains cautious in its personal loan origination due to macroeconomic uncertainties, limiting potential growth in this segment.
- The Tech Platform segment's growth guidance was revised to mid to upper teens percent year-over-year, lower than the original 20% guidance.
- The company faces challenges in maintaining high APY rates in a potentially declining interest rate environment, which could impact deposit growth.
Good morning. My name is Adam, and I will be your conference operator today. At this time, I'd like to welcome everyone to the SoFi Technologies Q2 2024 earnings conference call. (Operator Instructions) Thank you.
With that, you may begin your conference.
Thank you, and good morning. Welcome to SoFi's second quarter of 2024 earnings conference call. Joining me today to talk about our results and recent events are Anthony Noto, CEO, and Chris Lapointe, CFO. You can find the presentation accompanying our earnings release on the Investor Relations section of our website.
Our remarks today will include forward-looking statements that are based on our current expectations and forecasts and involve risks and uncertainties. These statements include, but are not limited to, our competitive advantage and strategy, macroeconomic conditions and outlook, future products and services, and future business and financial performance. Our actual results may differ materially from those contemplated by
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