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

Stock Watch: Is Darden Restaurants a good buy after earnings?

After a prolonged slowdown, the restaurant industry is returning to normal patterns but macroeconomic uncertainties and high inflation are currently playing spoilsport for it. While the pandemic-related slump forced many

Lennar (LEN) believes that despite near-term challenges, the long-term prospects for housing remain strong

Shares of Lennar Corporation (NYSE: LEN) were down 3% on Monday. The stock has dropped 36% year-to-date and 25% over the past 12 months. The homebuilder delivered mixed results for

KB Home (KBH): What did and did not work for the homebuilder in the third quarter

Shares of KB Home (NYSE: KBH) were up slightly on Friday. The stock has dropped 40% year-to-date and 35% over the past 12 months. The company delivered mixed results for

Add Comment
Viewing Highlight