Categories AlphaGraphs, Earnings, Finance
360 DigiTech (QFIN) Earnings: Q3 profit rises sharply on 25% revenue growth
Online consumer finance company 360 DigiTech, Inc. (NASDAQ: QFIN) on Monday reported double-digit earnings and revenue growth for the third quarter of 2021. Shares of the company closed the day’s session up 1%.
Revenues increased 24.6% annually to RMB4.61 billion ($715.9 million) in the three months ended September 2021. A slowdown in the Credit Driven Services business was more than offset by a surge in Platform Services revenue.
Net income was RMB1.56 billion ($242.7 million) or RMB9.74 per ADS ($1.52 per ADS) in the third quarter, up from last year’s profit of RMB1.23 billion or RMB7.98 per ADS. Adjusted profit jumped to RMB10.17 per ADS ($1.58 per ADS) from RMB8.35 per ADS in the third quarter of 2020.
“The consistent track record further demonstrated management’s solid overall execution and the resilience of the Company’s business model. During the quarter, financial institutions originated RMB97.6 billion loans through our platform, up approximately 48% year-on-year. Approximately 57% of the loans was facilitated under the capital-light model and other technology solutions, marking consistent progress toward our long-term technology-driven strategic transition and upgrading,” said Haisheng Wu, chief executive officer of 360 DigiTech.
Read management/analysts’ comments on 360 DigiTech’s Q3 results
Shares of 360 DigiTech closed Monday’s regular trading up 1% at the Nasdaq Stock Exchange and gained further during the extended session following the earnings release.
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