SoFi Posts Strong Q1 with GAAP Profitability; Stock Down 3.6%, Raises FY24 Outlook

SoFi Technologies Inc. reported a robust first quarter in 2024, marking its second consecutive quarter of GAAP profitability with a net income of $88 million and revenue of $645 million, which surpassed expectations of $567 million. The company's earnings per share (EPS) stood at $0.02, beating the forecasted $0.01. SoFi also reported significant growth in its membership base, which increased by 44% year-over-year to 8.1 million members, and total deposits grew by 16% to $21.6 billion. Despite these strong results, SoFi's stock price fell by 3.6% in pre-market trading. The company has raised its fiscal year 2024 guidance, now expecting adjusted net revenue to be between $2.39 billion and $2.43 billion. CEO Anthony Noto highlighted the quarter as an exceptionally strong start to 2024, with a Q1 EBITDA of $144 million.