SoFi Technologies, Inc. - SOFI STOCK NEWS

SoFi Technologies (NASDAQ: SOFI) reported record financial results for Q2 2022, with GAAP net revenue hitting $363 million, up 57% year-over-year, and adjusted net revenue at $356 million, increasing 50%. The company achieved an adjusted EBITDA of $20 million, an 81% year-over-year growth. New memberships surged by over 450,000 to a total of 4.3 million, while product offerings grew by 702,000 to nearly 6.6 million. SoFi's bank charter has led to increased deposits, growing 135% in the quarter, thus enhancing its funding flexibility and profitability prospects.

SoFi Technologies announced an increase in the annual percentage yield (APY) for its Checking & Savings accounts, offering 1.80% APY for members with direct deposit and 1.00% APY for others. This rate is 60 times the national average, aimed at helping members manage inflation. Additionally, they are offering a welcome bonus of up to $300 for new direct deposit members until September 30, 2022, along with cashback rewards of up to 3% on credit card purchases for those maintaining qualifying direct deposits. These moves align with SoFi’s strategy to provide better financial solutions.

SoFi (NASDAQ: SOFI) will host a conference call to discuss its Q2 2022 financial results on August 2, 2022, at 5 p.m. Eastern Time. The results will be available on its investor relations website after market close on the same day. Interested participants can pre-register for the call and access the audio-only webcast through provided links. SoFi aims to empower nearly four million members with tools for financial independence.

Galileo Financial Technologies, owned by SoFi Technologies (NASDAQ: SOFI), has partnered with Flyp to enhance digital banking through a new API-enabled platform. This collaboration introduces a gamified banking app offering no- or low-fee options and personalized rewards. Recent research shows that 65% of consumers prefer embedded finance for rewards, presenting a significant market opportunity. Flyp's app features include a Visa debit card, early direct deposit, and free overdraft protection. Leaders from both companies emphasize the importance of a secure and flexible technology platform to meet evolving consumer needs.

SoFi Technologies, Inc. announced the extension of trading hours on its SoFi Invest platform, now offering 4.5 additional hours from 9 AM ET to 8 PM ET. This change aims to enhance trading accessibility for members, particularly for those affected by traditional 9 to 5 hours. The extended hours allow users to react promptly to major market news and foreign market activities. Currently available on the mobile app, trading during these hours is limited to limit orders, with website availability expected soon. SoFi also continues to offer no-fee stock and crypto trading.

SoFi (NASDAQ: SOFI) announced participation in two investor conferences in June. CEO Anthony Noto will engage in a fireside chat at Morgan Stanley’s Financials, Payments and CRE Conference on June 15, 2022, at 1:00 PM ET. CFO Chris Lapointe will participate in a fireside chat at the Piper Sandler Global Exchange & Brokerage Conference on June 9, 2022, at 1:30 PM ET. Archived webcasts will be available on SoFi’s Investor Relations website.

SoFi Technologies, Inc. (NASDAQ: SOFI) announced its 2022 Annual Meeting of Stockholders, set for July 12, 2022, at 10:00 a.m. PT. The meeting will be held virtually, allowing stockholders to participate by accessing www.virtualshareholdermeeting.com/SOFI2022. A live audio webcast will also be available at www.investors.sofi.com. Stockholders can submit questions before and during the meeting. Additional information is available in the proxy statement filed with the SEC.

Mogo reported a record Q1 2022 revenue of $17.3 million, up 51% year-over-year, and record gross profit of $12.3 million, up 30%. Member growth reached 1.94 million, a 62% increase. Despite strong revenue, adjusted EBITDA loss widened to $5.5 million, and net loss grew to $18.9 million. Mogo updated its 2022 guidance, now anticipating revenue growth of 20% to 25% (down from previous estimates). The company is set to enhance its offerings with MogoTrade, aiming to capture a larger market share.

SoFi Technologies reported a record GAAP net revenue of $330 million, a 69% increase year-over-year, for Q1 2022. Adjusted net revenue reached $322 million, up 49% from the previous year. The company saw a net loss of $110 million, improving from a loss of $178 million a year ago. Adjusted EBITDA was positive at $9 million for the seventh consecutive quarter. Member growth reached 3.9 million, a 70% increase, while product offerings grew to 5.9 million, up 84% year-over-year. Full-year guidance was raised, forecasting $1.505 billion in adjusted net revenue.