In this video, I will be going over SoFi Technologies' (SOFI 7.33%) 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.