SoFi Technologies (NASDAQ:SOFI) has reported its financial results for the first quarter ending March 31, 2024.
The fintech company announced a net revenue of $645 million, representing a 37% increase from the same period last year.
Additionally, the company achieved a net income of $88 million, marking its second consecutive quarter of GAAP profitability.
The adjusted net revenue reached $580.6 million, up 26% year-over-year, propelled by a significant 54% revenue increase in the combined sectors of Tech Platform and Financial Services.
These segments now contribute to 42% of SoFi's consolidated adjusted net revenue, helping to balance the stagnant revenue in the Lending segment, which remained flat due to a cautious approach in response to economic uncertainties.
SoFi's performance was further bolstered by strategic initiatives aimed at reducing financing costs and enhancing the balance sheet for future growth.
These efforts notably contributed to an increase in SoFi's tangible book value per share, which rose by 16% sequentially to end the quarter at $4.1 billion, or $3.92 per share.