SoFi smashes Q4 2023 records, surges with growth and profit!

January 30, 2024
1 min read

TLDR: SoFi, a financial technology company, reported its Q4 2023 earnings, revealing strong growth and achieving profitability for the first time. The company reported a 35% year-over-year increase in adjusted net revenue, reaching $2.1 billion, and a significant boost in adjusted EBITDA. SoFi also saw a 44% year-over-year increase in membership, reaching over 7.5 million members. Additionally, the company expanded its product offerings and reported a growth of 41% year-over-year in the total number of products being used by members. SoFi projects a balanced growth between its Tech Platform and Financial Services in 2024, expecting over 50% growth compared to 2023. The company’s stock market performance reflected its strong earnings, with SoFi seeing a more than 20% increase in its stock price. The company discussed its future growth expectations and its approach to managing different aspects of the business in the current economic landscape during the earnings call.

Previous Story

Malaysia’s ex-finance chief faces charges for corruption, igniting rightful action!

Next Story

Q2 unveils 2024 report on commercial banking for FinTech enthusiasts.