Categories AlphaGraphs, Earnings, Finance

360 Finance (QFIN) Q2 earnings rise as revenues surge 50%

Total loan origination volume increased by 22%, with loan volume under the capital-light model within Platform Services more than tripling

China-based consumer finance company 360 Finance, Inc. (NASDAQ: QFIN) reported a marked increase in second-quarter earnings, aided by double-digit growth in revenues. The company’s stock was trading up 3.4% early Monday, following the announcement.

360 Finance Q2 2020 Earnings Infographic

Earnings, on an adjusted basis, rose to RMB 942.1 million ($133.4 million) or RMB 6.19 per ADS ($0.88 per ADS) from RMB 691.7 million or RMB 4.56 per ADS in the second quarter of 2019. Unadjusted net earnings climbed 41.8% year-over-year to RMB 876.5 million ($124.1 million).

The bottom-line benefitted from a 50% growth in revenues to RMB 3.34 billion ($472.8 million), with Credit Driven Services and Platform Services increasing 53% and 22%, respectively. At RMB 58.9 billion, total loan origination volume was up 22% from last year, reflecting a strong contribution from Platform Services.

“We are very excited to report a series of record-breaking financial and operational metrics for the second quarter of 2020 despite the still challenging macro environment. Loan origination volume reached a record RMB58.9 billion, an increase of 22% year-on-year,” said CEO Haisheng Wu.

Looking forward to listening to management/analysts’ comments on Q2 results? Stay tuned here for 360 Finance’s Q2 2020 earnings call transcript 

360 Finance will be holding an extraordinary general meeting of shareholders on September 15 to seek shareholders’ approval for its plan to change the company’s name to “360 DigiTech Inc.”

Soon after the earnings announcement, shares of the company rose sharply in Monday’s pre-market trading at the Nasdaq stock exchange, after closing the previous session higher.

_______

Most Popular

Highlights of Aurora Cannabis (ACB) Q4 2020 earnings report

Aurora Cannabis, Inc. (NYSE: ACB) reported a wider loss for the fourth quarter of 2020, hurt by a 5% decrease in revenues. The company’s stock fell sharply during Tuesday’s after-hours

Infographic: Stitch Fix Q4 2020 earnings

Stitch Fix (NASDAQ: SFIX) reported fourth-quarter 2020 financial results after the closing bell on Tuesday. The company reported an 11% increase in Q4 revenues to $443.4 million, beating Wall Street

Nike Inc. (NKE) stock spikes after beating Q1 2021 estimates

Nike Inc.'s (NYSE: NKE) profit and revenue in the first quarter of fiscal 2021 surpassed the market's estimates and sent the NKE stock up by about 7% in the extended

Top