China-based consumer finance company 360 Finance, Inc. (NASDAQ: QFIN) reported a decline in first-quarter earnings, despite a sharp increase in revenues. The company’s stock gained early Thursday following the announcement.
Earnings, on an adjusted basis, dropped to RMB 254.5 million (US$35.9 million) from RMB 788.8 million in the first quarter of 2019. Reported net income was RMB 183.2 million (US$25.9 million) or RMB 0.61 per share (US$0.09 per share), compared to RMB 719.9 million or RMB 2.40 per share last year.
Revenues, meanwhile, jumped 58.4% annually to RMB 3.18 billion (US$449.5 million) in the first quarter from RMB 2.0 billion in the corresponding period of last year.
Soon after the earnings announcement, shares of 360 Finance rose sharply in Thursday’s pre-market trading at the Nasdaq stock exchange, after closing the previous session higher.