SoFi Technologies Inc (NASDAQ: SOFI) stock price rose 12.36% during premarket trading after releasing its financial results for the second quarter of 2023. The fintech company reported a 37% jump in its GAAP net revenues to $498 million, while its adjusted revenues were up 37% to $489 million.
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The fintech company also added over 584,000 new members during the quarter, with the total number of members added up over 44% compared to Q2 2022. The total number of customers being served by the company was 6.2 million.
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The company’s number of new products added was nearly 847,000, with the total product rising 43% compared to last year to hit a new high of over 9.4 million. The company’s total deposits rose by 26% or $2.7 billion to hit a record high of $12.7 billion.
The digital financial services provider revealed that despite its new revenues surging higher, the company still lost $47.55 million, a 50% improvement from last year’s $95.84 million loss. The loss per share attributable to shareholders was $0.06, a 50% improvement from last year’s $0.12 loss per share.
SoFi Technologies noted that the record number of member additions, strong momentum in product and cross-buy adds, and improving operating efficiency reflect the benefits of its broad product suite and unique Financial Services Productivity Loop (FSPL) strategy.
Over half of newly funded SoFi Money accounts are setting up direct deposit by day 30. The median FICO score for new direct deposit accounts opened in Q2 was 747.
Anthony Noto, the CEO of SoFi Technologies, Inc, said: “We delivered another quarter of record financial results and generated our ninth consecutive quarter of record adjusted net revenue, which was up 37% year-over-year. Record revenue at the company level was driven by record revenue in both our Technology Platform business segment and our Financial Services business segment, coupled with continued strong Lending business segment revenue growth. We also generated our fourth consecutive quarter of record adjusted EBITDA of $77 million, representing a 43% incremental adjusted EBITDA margin and a 16% margin overall…”
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SoFi Technologies stock price.
The SoFi stock price was trading up 12.36% at $10.73, rising from Friday’s closing price of $9.55>
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