Categories AlphaGraphs, Earnings, Finance
Infographic: 360 DigiTech (QFIN) Q3 revenue up 43%; profit jumps
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.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Most Popular
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to