Categories AlphaGraphs, Earnings, Finance
Earnings: 360 DigiTech (QFIN) Q4 profit jumps on 39% revenue growth
Online consumer finance company 360 DigiTech, Inc. (NASDAQ: QFIN) reported higher earnings and revenues for the fourth quarter of 2020. The company’s stock gained about 2% Monday evening, immediately after the announcement.
In the three months ended December 2020, revenues moved up 39% from last year to RMB3.34 billion ($511.5 million). Credit Driven Services and Platform Services grew by 29% and 85%, respectively.
Net income was RMB1.20 billion ($184.65 million) or RMB7.72 per ADS ($1.18 per ADS), up from last year’s RMB429.9 million or RMB2.86 per ADS. Adjusted profit more than doubled year-over-year to RMB8.40 per ADS ($1.29 per ADS).
Commenting on the fourth-quarter performance, 360 DigiTech’s CEO Haisheng Wu said, “Exiting the year, approximately 35% of the loan facilitation was under the capital-light model and other technology solutions, for which we bear no or limited principal risk. We have accelerated the growth of those platform solutions so far in 2021 as we continue to pursue our long-term strategy to build a leading data-driven, technology-empowered digital platform.”
Read management/analysts’ comments on 360 DigiTech’s Q4 results
Shares of 360 DigiTech closed Monday’s regular trading down 7.4% at the Nasdaq Stock Exchange but made modest gains during the extended session following the earnings release. Their value more than doubled 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
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
AVGO Earnings: Broadcom reports higher Q4 FY25 revenue, profit; results beat
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported an increase in revenue and adjusted earnings for the fourth quarter of fiscal 2025. The numbers also surpassed analysts' expectations. Adjusted
Lamb Weston (LW) is set to report Q2 2026 earnings next week, here’s what to look for
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) rose over 1% on Thursday. The stock has gained 4% over the past three months. The French fry giant is slated to
