Categories AlphaGraphs, Earnings, Finance

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.

360 DigiTech Q1 2021 earnings infographic

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.

Prior Performance

  • 360 Finance (QFIN) Q1 earnings fall

_________________________________________________________________________________________________________________

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

Context Therapeutics: Another clinical-stage oncology research firm to go public soon

The US primary markets seem to be having a record-breaking start to the year, with over $171 billion raised in the first half of 2021 compared to $168 billion for

Biogen (BIIB) Stock: Does FDA nod for Aduhelm offer a buying opportunity?

The pharmaceutical industry has been witnessing hectic activity for some time, with most drug makers either channelizing their resources for vaccine development or engaging in COVID care programs. Biotechnology giant

IPO News: Monte Rosa Therapeutics will go public this week, here are a few things to know

Biotechnology company Monte Rosa Therapeutics is slated to go public this week. In a pandemic-ridden world, this industry is expanding at a healthy pace. The global biotechnology market is estimated

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top