SoFi's Q2 2024: growth, profitability, and questionable valuation 📈🤷♂️; LendingClub in Q2: digital pivot shows promise 👏🤑
FinTech is Eating the World, 31 July
Hey Everyone,
Happy Wednesday! On today’s radar, we have SoFi with its profitability milestones yet questionable valuation (taking a deep dive into their latest Q2 2024 financials to see what they mean & whether SoFi is worth your time and money in 2024) and LendingClub whose latest quarter indicates that digital pivot might be promising (analyzing Q2 2024 financials & what story do they tell us). So without further ado let’s just jump straight into the interesting stuff 🌶
SoFi's Q2 2024: growth, profitability, and questionable valuation 📈🤷♂️
Earnings call ☎️ SoFi Technologies SOFI 0.00%↑ reported decent second-quarter earnings, as strong results from its financial services helped offset some of the headwinds from the firm’s more conservative approach to loan origination.
At a glance, the company's Q2 2024 results demonstrate impressive growth and a significant milestone: its third consecutive quarter of GAAP profitability. However, when you look closer, both promising trends and potential concerns for investors appear.
Let’s take a deeper dive into this, break down the most important numbers to see what they mean, and what’s next for SoFi in 2024.