Chime, the digital banking platform, reported its first-ever quarterly profit on Wednesday, driven by resilient consumer spending in the first three months of the year.
Consumer spending remained steady despite global economic uncertainty, including the conflict in the Middle East. Chime CFO Matthew Newcomb described the trends as "broad resilience and consistency" across both discretionary and non-discretionary categories.
Revenue rose 25% year-over-year to $647 million, beating Wall Street estimates. Net income came in at $53 million, yielding an 8% net margin. Purchase volume, including outbound instant transfers, reached $40 billion-up 15% from a year ago. Active members grew 19% to 10.2 million.
Chime expects second-quarter revenue between $633 million and $643 million, compared to the consensus estimate of $641 million. The company's board also approved a new $200 million share repurchase plan.
Shares rose 4% in extended trading following the announcement, though the stock remains roughly 14% lower year-to-date and trades below its June 2025 IPO price of $27.