SoFi Technologies: Strong Q2 Is A Step Toward Q4 Profitability


Electronic money

D3Damon/E+ via Getty Images

Since my last article, SoFi Technologies (NASDAQ:SOFI) has climbed more than 45%. I still believe the second half of the year will be the pivotal point for the digital bank due to the return of student loan payments

Q2 2023

Members Added

584

Members

6,240

Adjusted Net Revenue

$488

Revenue/Member

0.080

Operating Expenses

$547

Net Income

-$48

EPS

-0.06

Quarter

Noninterest expense(million)

Noninterest expense growth

Q4 2022

$480

23.71%

Q1 2023

$500

21.95%

Q2 2023

$547

22.37%

Q3 2023

$589

22.16%

All in millions except EPS

Members

6.83

Net Revenue

$555

Revenue/Member

0.081

Operating Expenses

$589

Net Income

-$34

EPS

-$0.035



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