Online consumer finance company 360 DigiTech, Inc. (NASDAQ: QFIN) reported a decline in net income for the second quarter of 2022, despite a modest increase in revenues.
Second-quarter revenues increased 5% annually to RMB4.18 billion. Revenues from Credit Driven Services grew 23%, while Platform Services contracted 22% during the three-month period.
Net income attributable to the company was RMB979.8 million or RMB3.06 per share in the second quarter, down from last year’s profit of RMB1.55 billion or RMB4.81 per share. Adjusted profit declined 36% year-over-year to RMB1.02 billion.
Check this space to read management/analysts’ comments on 360 DigiTech’s Q2 2022 results
“During the quarter, we have smoothly navigated through the peak of the resurgence of COVID-19 and economic headwinds. Although we started to see modest recovery in consumer credit after lockdown measures were lifted in certain regions of China, we plan to continue to take a prudent approach to manage our business growth and risks,” said 360 DigiTech’s CFO Alex Xu.