Categories AlphaGraphs, Earnings, Finance
360 DigiTech (QFIN) Earnings: Q4 revenues climb 33%; net income rises
Online consumer finance company 360 DigiTech, Inc. (NASDAQ: QFIN) on Thursday reported strong earnings and revenue growth for the fourth quarter of 2021.
Fourth-quarter revenues increased 32.5% annually to RMB4.42 billion ($693.9 million). Revenues from both Credit Driven Services and Platform Services increased during the three-month period.
Net income attributable to the company was RMB1.32 billion ($207.5 million) or RMB8.22 per ADS ($1.30 per ADS) in the fourth quarter, up from last year’s profit of RMB1.20 billion or RMB7.72 per ADS. Adjusted profit moved up to RMB8.58 per ADS ($1.35 per ADS) from RMB8.40 per ADS in the fourth quarter of 2020.
“At the end of 2021, we increased the registered capital of our micro-lending unit to RMB5 billion, significantly enhanced its capacity to serve broader customer base and its capability to handle market risks. We note that recent speech from top regulators suggesting that the rectification of the industry is running smoothly. We are confident that we should be able to make timely adjustments to satisfy with the requirements and guidelines set out by regulators,” said Haisheng Wu, chief executive officer of 360 DigiTech.
Shares of 360 DigiTech closed Thursday’s regular trading down 12% at the Nasdaq Stock Exchange and continued to lose during the extended session following the earnings release.
Check this space to read management/analysts’ comments on 360 DigiTech’s Q4 results
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