Qifu Technology drives up after Q3 earnings, revenue top consensus
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Qifu Technology (NASDAQ:QFIN) stock jumped 11.4% in Friday morning trading after the Chinese credit-tech platform turned in Q3 earnings and revenue that surpassed Wall Street estimates and advanced from a year ago.
Q3 GAAP EPS of $0.48, exceeding the $0.44 average analyst estimate, increased from $0.43 in the year-earlier quarter.
Revenue of $586.8M, topping the $571.6M consensus, rose from $573.9M a year before.
“As economic headwind persists, we experienced some fluctuation in asset quality during the quarter. However, many of the operational initiatives we launched in the quarter should continue to make positive contributions through the remainder of this year and the next year,” said CEO and Director Haisheng Wu.
As of Sept. 30, 2023, the company’s platform has connected 227.9M customers with potential credit needs, cumulatively, an increase of 12% from a year earlier.
During the quarter, financial institutional partners originated 18.5M loans through the platform. Total facilitation and origination loan volume reached RMB 123,148M, up 11.3% from the same period last year.
Its total outstanding loan balance stood at RMB 189,100M as of Sept. 30, 2023, up 18.2% from Sept. 30, 2022.