Categories AlphaGraphs, Earnings, Finance
Infographic: 360 DigiTech (QFIN) Q3 revenue up 43%; profit jumps
360 DigiTech, Inc. (NASDAQ: QFIN) on Thursday said its third-quarter revenues and earnings increased in double digits, despite the unfavorable market conditions. Shares of the China-based consumer finance company gained about 6% soon after the announcement.
At RMB 3.70 billion ($545.5 million), September-quarter revenues were up 43.4% from the year-ago period. Credit Driven Services and Platform Services increased by 39% and 65%, respectively.
Consequently, adjusted earnings rose to RMB1.29 billion ($189.74 million) or RMB 8.35 per ADS ($1.23 per ADS) from RMB 755.88 million or RMB 5.05 per ADS in the third quarter of 2019. Unadjusted net earnings climbed 63% year-over-year to RMB 7.98 per ADS ($1.18 per ADS).
Commenting on the third-quarter performance, CEO Haisheng Wu said, “Throughout the quarter, we have witnessed continued recovery in consumer demand for credit and further improvement in asset quality. In fact, some key leading indicators of asset quality of our customers are at the best levels ever, a strong testimony for our effective risk management and solid overall execution.”
Read management/analysts’ comments on 360 DigiTech’s Q3 results
The company’s stock gained sharply during Thursday’s extended trading session at the Nasdaq stock exchange, immediately after the announcement. The shares have gained 26% since the beginning of the year.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Most Popular
AMAT Stock: Is now the right time to invest in Applied Materials?
It is estimated that the size of the global chip manufacturing equipment market would nearly double from the current levels to about $142 billion in the next eight years. Applied
Here’s a look at Take-Two Interactive Software’s (TTWO) expectations for the coming year
Shares of Take-Two Interactive Software (NASDAQ: TTWO) were down over 2% on Friday. The stock has dropped 32% year-to-date and 35% over the past 12 months. Earlier this week, the
Beyond short-term challenges, Cisco’s (CSCO) prospects remain intact
Cisco Systems Inc. (NASDAQ: CSCO) is the undisputed leader in networking technology, but its core business has been facing challenges over the past few years. While the company faces stiff
