SoFi raises profit and revenue forecast for 2024, diversification into financial services successful

From Yahoo Finance: 2024-07-30 11:27:13

SoFi Technologies Inc. raised its profit and revenue forecast for this year. Earnings per share in 2024 increased to 9-10 cents, up from 8-9 cents. Adjusted net revenue is now expected to be between $2.425 billion and $2.465 billion. CEO Anthony Noto stated financial-services and tech-platform segments now make up 45% of revenue, a record high. Second-quarter adjusted EBITDA was $138 million, exceeding estimates. Diversification into financial services has been successful, with high-yield savings accounts offering competitive rates. SoFi anticipates benefits from Federal Reserve interest rate cuts. The company remains optimistic despite past challenges.



Read more at Yahoo Finance: SoFi Boosts 2024 Profit Forecast for Second Time This Year