Summary by Moomoo AI
SoFi Technologies, Inc. reported a significant year-over-year improvement in its financial performance for the first quarter ended March 31, 2024. The company's reportable segments total contribution profit saw a substantial increase to $275.6 million, up from $200.5 million in the same period last year. Corporate/Other total net income also turned positive, reporting $69.6 million compared to a loss of $23.9 million in the previous year. The company's income before income taxes rebounded to a profit of $94.2 million, a stark contrast to the loss of $36.1 million in the prior year's quarter. SoFi Technologies' business development has been robust, with a focus on expanding its financial services platform, which includes personal, student, and home loans, as well as a suite of financial...Show More