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<a href="https://bitcoinworld.co.in/sofi-surges-after-firm-reports-37-revenue-growth-in-q1/" title="SOFI Surges After Firm Reports 37% Revenue Growth in Q1" rel="noopener noreferrer nofollow"></a>
<ul>
 <li style="font-weight: 400">SoFi Technologies, Inc. (SOFI) demonstrated impressive revenue growth in the Q1, exceeding market expectations.</li>
</ul>
SoFi Technologies, Inc. (NASDAQ: SOFI) has once again demonstrated its robust growth trajectory and financial health in the <a href="https://s27.q4cdn.com/749715820/files/doc_financials/2024/q1/Q1-2024-Earnings-Release-6.pdf" rel="noopener noreferrer nofollow">first</a> quarter of 2024, with remarkable results that exceeded market expectations and set a promising tone for the year ahead.
The company’s strategic focus on expanding its financial services and tech platform segments has paid off, contributing significantly to its overall performance and profitability.
<h3 id="span-style-font-weight-400-sofi-technologies-reports-37-jump-in-revenue-from-previous-years-s-q1-span">SoFi Technologies Reports 37% Jump in Revenue from Previous Years’s Q1</h3>
In the first quarter of 2024, SoFi Technologies reported a total GAAP net revenue of $645 million, a 37% increase from the previous year’s $472.2 million.
This impressive growth is mainly attributable to the company’s 54% revenue growth in both the Tech Platform and Financial Services segments, which collectively drove a 26% growth in total adjusted net revenue, reaching $581 million.
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The company achieved its second consecutive quarter of GAAP net income, reporting $88 million, a remarkable turnaround from a loss of $34.4 million in the first quarter of 2023.
The company’s adjusted EBITDA stood at $144 million, representing a 91% year-over-year growth and a 25% margin. The company also reported strengthening its balance sheet, with tangible book value growing by $608 million to end the quarter at $4.1 billion.
<h3 id="span-style-font-weight-400-sofi-technologies-smashes-expectations-in-q1-with-0-02-eps-span">SoFi Technologies Smashes Expectations in Q1 with $0.02 EPS</h3>
Compared to the market’s expectations for the quarter, SoFi Technologies has outperformed significantly. Analysts had anticipated an EPS of $0.007 and revenue of $555.09 million.
However, the company surpassed these projections comfortably with a reported EPS of $0.02 (diluted basis) and revenue of $645 million.
Looking ahead, SoFi Technologies has raised its guidance for FY 2024, reflecting the company’s confidence in its growth trajectory and the underlying strength of its business model.&nbsp;
The company now expects to deliver adjusted net revenue of $2.39 to $2.43 billion, up from the previously implied guidance range.
This updated guidance assumes that Lending revenue will be 92% to 95% of 2023 levels, with the Tech Platform expected to grow approximately 20% year over year and Financial Services revenue anticipated to grow more than 75% year over year.
<h3 id="span-style-font-weight-400-sofi-technologies-ups-guidance-for-fy-2024-span">SoFi Technologies Ups Guidance for FY 2024</h3>
Furthermore, the company has raised its expected adjusted EBITDA to $590 to $600 million, above the prior guidance of $580 to $590 million. This adjustment signals SoFi’s operational efficiency and its ability to scale profitably.
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The company also expects a full-year GAAP net income of $165 to $175 million, significantly higher than the previous guidance, reflecting the positive impact of its strategic initiatives and operational improvements.
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SOFI Surges After Firm Reports 37% Revenue Growth in Q1

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