What strategies boosted SOFI's earnings in Q3?

SOFI's earnings in Q3 2024 were boosted by robust revenue growth and strategic segment performance:

1. **Revenue Growth**: SOFI achieved a 30% year-over-year increase in total net revenue, reaching $697 million, surpassing analyst estimates of $632.33 million. This growth was driven by continuous product innovation and brand building, which led to a 35% year-over-year growth in total members, reaching nearly 9.4 million.
2. **Segment Performance**: The Financial Services and Tech Platform segments contributed 49% to the adjusted net revenue, with a combined growth of 64% year-over-year. This significant growth was fueled by strategic expansions and product diversifications, such as the introduction of personal loans, credit cards, mortgages, investment accounts, and banking services.
3. **Member and Product Growth**: SOFI added 643,000 members in Q2, bringing the total to 8.8 million, up 41% year-over-year. The company also saw a 43% year-over-year increase in total products, reaching 12.8 million. This continuous growth in member base and product offerings contributed to the revenue surge.
4. **Interest Income**: The net interest income was $279 million, accounting for 82% of the lending revenue. This indicates that SOFI's focus on interest-based income generating activities was fruitful.

In summary, SOFI's earnings boost in Q3 2024 can be attributed to its successful revenue growth strategies, including robust product innovation, strategic expansions, and effective member growth initiatives.