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.
