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%.

360 DigiTech Q3 2021 earnings infographic

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.

Prior Performance

  • 360 DigiTech Q2 2021 earnings infographic


Stocks you may like:

Bank of America (BAC) Stock

Wells Fargo (WFC) Stock

JPMorgan Chase (JPM) Stock

Citigroup (C) Stock

Goldman Sachs (GS) Stock

Morgan Stanley (MS) Stock


Most Popular

Beyond short-term challenges, Cisco’s (CSCO) prospects remain intact

Cisco Systems Inc. (NASDAQ: CSCO) is the undisputed leader in networking technology, but its core business has been facing challenges over the past few years. While the company faces stiff

Earnings: Applied Materials (AMAT) Q2 profit, revenue increase

Semiconductor technology company Applied Materials, Inc. (NASDAQ: AMAT) on Thursday reported higher earnings and revenues for the second quarter of 2022. However, the results missed analysts' estimates. Adjusted net income

Target (TGT) expects Q1 headwinds to continue to impact profitability in the near term

Shares of Target Corporation (NYSE: TGT) were down 4% on Thursday, yet to fully recover from the beating it took a day earlier after delivering mixed results for the first

Add Comment
Viewing Highlight