SoFi Posts $165.3M Q2 Net Loss

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SoFi put up a dastardly net loss of $165.3M last quarter on only $231.3M in net revenue.

The hit should be a one-off, according to the company.

We remeasured our valuation allowance during 2020 as a result of the deferred tax liabilities recognized in connection with our acquisition of Galileo, which decreased the valuation allowance by $99.8 million. The absence of that tax benefit, together with significant non-cash stockbased compensation expenses and fair value changes in warrants primarily related to the fair market value of SoFi stock, were the largest contributors to the current period net loss.

Last modified: August 15, 2021

Category: Industry News

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