SoFi Technologies, Inc. provides digital financial services through a member-focused app and related banking infrastructure. Company news centers on lending, banking, investing, credit cards, mortgages, home lending, financial planning and member products that let customers borrow, save, spend, invest and protect money.
Recurring updates also cover operating results, member and product growth, loan originations, the Galileo technology platform, instant-payment capabilities, enterprise banking services, crypto-related banking infrastructure, financial education programs, brand partnerships and annual stockholder meeting matters. SoFi's disclosures often link consumer financial products with technology-platform accounts and bank-powered payments capabilities.
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.
SoFi Technologies (NASDAQ: SOFI) has launched new incentives for its Checking & Savings members, including a $300 bonus for new direct deposit sign-ups and 3% cash back on eligible credit card purchases for a year. The company offers an industry-leading 1.25% APY, significantly higher than the national average. The SoFi Credit Card, which promotes healthy financial habits, allows cashback rewards to be redeemed for investments or payments. These enhancements are aimed at providing more value in a competitive financial landscape.
SoFi (NASDAQ: SOFI) will host a conference call to discuss its Q1 2022 financial results on May 10, 2022, at 5 p.m. ET. The results will be available on their investor relations website after market close on the same day. For those wishing to participate, SoFi has provided a pre-registration link for the call and a webcast for audio-only access. A replay will be accessible post-call on the company's website. SoFi is dedicated to helping individuals achieve financial independence through a variety of financial services.
SoFi Technologies, Inc. (NASDAQ: SOFI) has revised its full-year 2022 financial guidance, projecting Adjusted Net Revenue of $1.47 billion and Adjusted EBITDA of $100 million, down from previous estimates of $1.57 billion and $180 million. This adjustment is influenced by President Biden's extension of the student loan payment moratorium until at least August 31, 2022. Despite these changes, SoFi expects a 45% year-over-year revenue growth and aims to maintain profitability amidst ongoing challenges in the student loan refinancing market.
SoFi Technologies, Inc. (NASDAQ: SOFI) announced the resignation of three Board members: Clay Wilkes, Michel Combes, and Carlos Medeiros. Wilkes steps down immediately, while Combes and Medeiros will resign at the upcoming 2022 annual shareholders meeting. CEO Anthony Noto expressed gratitude for their contributions during significant milestones, including the acquisition of a national bank license. The Board's reorganization aims to enhance diversity and expertise as SoFi enters its next growth phase.
SoFi Technologies (NASDAQ: SOFI) announced an increase in the annual percentage yield (APY) for its Checking & Savings accounts to 1.25% for members with direct deposit, up from 1.00%. Members without direct deposit will receive 0.70% APY. SoFi is also offering a welcome bonus of up to $300 for new and existing members setting up direct deposit by May 31, 2022. Since launch on February 24, 2022, direct deposits have increased by 27% and total balances by 34%.
Recent research by SoFi at Work reveals that a significant 75% of U.S. workers are experiencing major financial stress, with over half feeling more stressed in 2021 than ever. The study highlights that 91% of employees are committed to improving their financial well-being in 2022, and 75% of employers plan to increase budgets for financial well-being programs. The findings suggest that enhancing financial support can enhance productivity (86%) and job satisfaction (84%). The report identifies emerging trends such as interest in cryptocurrency payments and NFTs for performance rewards.