Qifu Technology, Inc ( (QFIN) ) has released its Q3 earnings. Here is a breakdown of the information Qifu Technology, Inc presented to its investors.
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Qifu Technology, Inc., a prominent Credit-Tech platform in China, facilitates credit services for financial institutions, consumers, and SMEs through advanced technology solutions.
In its latest earnings report for the third quarter of 2024, Qifu Technology announced strong financial performance and the introduction of a new US$450 million share repurchase program set for 2025.
The company reported a net revenue of RMB4.37 billion, showing a slight increase from the previous year. Net income surged to RMB1.8 billion, a significant rise from RMB1.14 billion in the same period of 2023. The company’s operating margin improved to 52.4%, and robust cash from operations amounted to approximately RMB2.37 billion. Despite a decrease in loan facilitation volumes for certain services, the company saw a notable increase in repeat borrower contributions to 93.8%.
Qifu Technology’s strategic focus on enhancing efficiency and reducing costs has contributed to its improved financial metrics. The launch of the new share repurchase plan underscores the company’s commitment to returning value to shareholders.
Looking ahead, Qifu Technology remains cautiously optimistic, expecting a year-on-year growth in net income for the fourth quarter of 2024, despite ongoing macroeconomic uncertainties. The company plans to continue leveraging its Credit-Tech platform to capitalize on long-term opportunities.
