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
United Parcel Service (UPS) seems on track to regain lost strength
Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic
IPO Alert: What to look for when Boundless Bio goes public
Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.
Nike (NKE) bets on innovation and partnerships to return to high growth
Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company