In this video, I will be going over SoFi Technologies‘ (NASDAQ: SOFI) Q2 earnings report, which blew everyone’s expectations out of the water.
In Q2, SoFi added 450,000 new members. This was the second-highest quarter increase in the history of the company, which now has over 4 million members.
Galileo accounts have reached 117 million.
Adjusted net revenue came in at $356 million, up 50% year over year (YOY). And adjusted EBITDA came in at $20 million.
The company has raised full-year revenue guidance to $1.51 billion, representing 50% growth YOY. Considering that SoFi still expects a negative impact from the federal student loan payment moratorium and the current inflationary environment, this is a breath of fresh air.
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*Stock prices used were the closing prices of August 2, 2022. The video was published on August 3, 2022.
Neil Rozenbaum has positions in SoFi Technologies, Inc. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Neil is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through his link, he will earn some extra money that supports his channel. His opinions remain his own and are unaffected by The Motley Fool.