Key facts
- Chime raised its full-year revenue growth forecast above Wall Street estimates.
- The company expects 2026 revenue to rise 25% to 26%.
- Active members increased 20% to 10.4 million in the second quarter.
- Chief Financial Officer Matt Newcomb is departing after a decade.
- Chime reported a net income of $28 million for the second quarter.
Chime has raised its full-year revenue growth forecast above Wall Street estimates, driven by strong demand for its digital banking products. The company announced that Chief Financial Officer Matt Newcomb will step down later this week, concluding a decade-long tenure. President Mark Troughton will assume the role of interim CFO.
In the second quarter, Chime's revenue increased by 27% to $670 million, surpassing estimates of $640.4 million. Active members grew by 20% year-over-year to 10.4 million, with average revenue per active member rising 6% to $260. The company attributed its growth to Chime Prime, noting that its fastest-growing segment includes customers earning $75,000 or more annually.
Chime now projects its 2026 revenue to increase by 25% to 26%, exceeding the 22.7% expected by LSEG estimates. For the current quarter, the company forecasts revenue between $680 million and $690 million, higher than analysts' predictions of $668.1 million. CEO Chris Britt expressed optimism about the consumer, noting resilience across various income segments and spending categories.
This announcement follows Chime's recent decision to cut 10% of its workforce, a move the company stated was aimed at streamlining operations through AI-driven efficiencies. Chime reported a net income of $28 million for the second quarter, marking its second consecutive profitable quarter.