— Qudian (NYSE: QD) reported a decrease in non-GAAP and GAAP earnings for the fourth quarter of 2019.
— Non-GAAP net income attributable to Qudian’s shareholders decreased by 79.9% to $22.5 million or $0.08 per diluted ADS.
— On a GAAP basis, net income attributable to Qudian’s shareholders decreased by 83.3% to $18.4 million or $0.07 per diluted ADS.
— Revenues rose 7% year-over-year to $277.5 million.
— Qudian expects the reduced origination volume combined with higher provisions for receivables and losses on guarantee and risk assurance liabilities to generate a material loss in the first quarter of 2020.
— CEO Min Luo said, “Looking at the near term, although the impact of the COVID-19 outbreak on the economy is still unclear, we expect the epidemic to exacerbate the already existing challenges in the consumer credit sector.”
— QD stock, which slumped 64% so far this year on NYSE, dropped more than 10% in the pre-market trading session today.
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