SoFi Is Said to Report Second-Quarter Loss of $200 Million
- Company had significant adjusted EBITDA losses, people say
- Startup reported more than $3 billion in funded loan volume
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Writedowns of underperforming loans drove Social Finance Inc. to a second-quarter adjusted loss of about $200 million, according to people familiar with the matter.
The student-loan refinancer, which has been trying to transform itself into a broader online financial-services company, took a one-time charge on loans originated before the second quarter, one of the people said. The company projects that it will be profitable again by the end of the year, another one of the people said.