SOFI TECHNOLOGIES Reports Earnings for Q2 FY 2023 on July 31st
August 10, 2023
🌥️Earnings Overview
On July 31, 2023, SOFI TECHNOLOGIES ($NASDAQ:SOFI) released its second quarter fiscal year 2023 earnings results, showing total revenue of USD 498.0 million, representing a 37.4% year-over-year increase. However, net income was USD -47.6 million for the quarter, compared to -95.8 million in the same period last year.
Stock Price
On Monday, July 31st, SOFI TECHNOLOGIES reported their earnings for the second quarter of FY 2023. The company stock opened at $10.4 at the start of the trading day and closed at $11.4, soaring by 19.9% from its previous closing price of 9.6. This marked the highest jump in share price that the company has seen in more than a year and a half. The impressive stock increase came in response to SOFI’s quarterly results, which showed a strong performance in revenue growth and a decrease in expenses.
The fantastic performance of SOFI TECHNOLOGIES stock has created excitement among investors, who are now eagerly awaiting the company’s future earnings reports. With the positive outlook and strong financial position, many believe that SOFI’s stock price could continue to rise as they expand their business and enter new markets. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Sofi Technologies. More…
| Total Revenues | Net Income | Net Margin |
| 1.85k | -216.56 | -10.2% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Sofi Technologies. More…
| Operations | Investing | Financing |
| -9.59k | -409.24 | 12.5k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Sofi Technologies. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 25.56k | 19.98k | 5.88 |
Key Ratios Snapshot
Some of the financial key ratios for Sofi Technologies are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 52.6% | – | – |
| FCF Margin | ROE | ROA |
| -521.1% | -2.2% | -0.5% |
Analysis
As GoodWhale, we have conducted an analysis of SOFI TECHNOLOGIES‘ wellbeing, based on our Star Chart. This type of company would be attractive to investors who seek high-growth opportunities, but do not require stability or security. While SOFI TECHNOLOGIES has a strong growth score, its other metrics are weak, including assets, dividends, and profitability. This has resulted in a health score of 2/10, indicating that SOFI TECHNOLOGIES is less likely to be able to pay off debt and fund future operations. More…
Peers
In the world of online personal finance, there are a few major players. SoFi Technologies Inc is one of the biggest, and its main competitors are Upstart Holdings Inc, PayPal Holdings Inc, and Ally Financial Inc. All of these companies offer similar services, but each has its own unique strengths and weaknesses. So, which one is the best? That depends on what you’re looking for.
– Upstart Holdings Inc ($NASDAQ:UPST)
Upstart Holdings Inc is a financial technology company that uses artificial intelligence and machine learning to assess credit risk and price loans. The company operates in the United States and Canada. Upstart Holdings Inc has a market cap of 1.78B as of 2022 and a Return on Equity of 6.88%. The company offers loans to consumers and small businesses.
– PayPal Holdings Inc ($NASDAQ:PYPL)
PayPal Holdings Inc is an online payment company that allows users to send and receive money online. The company has a market cap of 97.07B as of 2022 and a Return on Equity of 11.16%. PayPal Holdings Inc enables users to make financial transactions online, including sending money to friends and family, making online purchases, and receiving money from online auctions. The company also provides merchant services, such as allowing businesses to accept payments online, and provides a mobile app that allows users to make payments and transfer money using their mobile devices.
– Ally Financial Inc ($NYSE:ALLY)
Ally Financial Inc has a market cap of 7.83B as of 2022. The company was founded in 1919 and is headquartered in Detroit, Michigan. Ally provides a full range of financial products and services to consumers, businesses, automotive dealers, and corporate clients. Its products include auto financing, home loans, credit cards, and deposit products.
Summary
Investors observing SOFI TECHNOLOGIES’ second quarter results for the fiscal year 2023 were met with mixed results. Total revenue for the quarter ending June 30, 2023 was USD 498 million, a 37.4% increase from the same period the previous year.
However, net income decreased to USD -47.6 million, a decrease from -95.8 million in the prior year. Despite the decrease in net income, investors reacted positively to this report, and sent the stock price up. This could be seen as an indication that investors are confident that SOFI TECHNOLOGIES will get back on track soon and possibly even exceed last year’s figures in its next financial quarter. All in all, investors should be cautiously optimistic when considering investing in SOFI TECHNOLOGIES.
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