360 DigiTech (QFIN) Q1 earnings surge as revenues increase 13%

360 DigiTech, Inc. (NASDAQ: QFIN) said its earnings rose sharply in the first quarter of 2021, aided by a 13% revenue growth. The company’s stock closed Thursday’s trading session higher.

Revenues of the online consumer finance company moved up 13.1% to RMB3.6 billion ($549.3 million) in the three months ended March 2021. A 12% decrease in Credit Driven Services was more than offset by a 208% surge in Platform Services revenue.

Net income was RMB1.35 billion ($205.7 million) or RMB8.44 per ADS ($1.28 per ADS) in the first quarter, up from last year’s RMB183.4 million or RMB1.22 per ADS. Adjusted profit jumped to RMB8.81 per ADS ($1.34 per ADS).

“We are very pleased to report a great quarter that exceeded our expectations across multiple fronts of operations. During the quarter, financial institutions originated record-setting RMB74.1 billion loans, up 40% year-on-year. More importantly, we made significant progress in technology-driven strategic transition and upgrading,” said Haisheng Wu, chief executive officer of 360 DigiTech.

Read management/analysts’ comments on 360 DigiTech’s Q1 results

Shares of 360 DigiTech closed Thursday’s regular trading up 3% at the Nasdaq Stock Exchange but declined during the extended session following the earnings release.

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