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.”
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!
MongoDB, Inc. (NASDAQ: MDB), the tech firm that pioneered a new method for creating databases, enables developers to work with high volumes of varied data effortlessly. The company this week
GameStop Corp. (NYSE: GME) reported a narrower net loss for the third quarter of 2022 despite the gaming company’s sales decreasing year-over-year. The company reported a net loss of $94.7 million
Shares of Signet Jewelers Limited (NYSE: SIG) were up 5% on Wednesday. The stock has gained 32% over the past three months. A day ago, the company delivered better-than-expected earnings