Qudian Retreats on Quarterly Earnings Report
Qudian Inc. (NYSE:QD) prices slumped after the came out with earnings before Monday’s markets opened.
The China-based financial firm reported Total number of registered users as of Sep 30, 2019 reached 78.3 million, representing an increase of 11.8% from Sep 30, 2018
The number of outstanding borrowers from loan book business and transaction services business increased by 3.4% to 6.3 million from 6.1 million in the prior-year quarter.
The number of borrowers from loan book business and transaction services business increased in the latest quarter by 3.6% to 19.0 million in the prior-year quarter.
New active borrowers from loan book business and transaction services business for this quarter increased by 15.2% to 669,111 from 580,727 for the third quarter of 2018 as a result of incremental user growth driven by transaction services business
Total outstanding loan balance including transaction services business as of Sep 30, 2019 increased by 151.2% to RMB38.4 billion from Sep 30, 2018
Total revenues were RMB2,590.9 million ($362.5 million U.S.), up 34.3% from same period last year, primarily due to the ramp up of the open-platform initiative
Loan facilitation income and other related income increased by 72.6% year-on-year to RMB583.3 million ($81.6 million U.S.) from RMB337.9 million for the same period last year
Net income increased by 52.6% year-on-year to RMB1,043.4 million ($146.0 million U.S.), or RMB3.29 ($0.46 U.S.) per diluted ADS. Non-GAAP net income increased by 52.9% year-on-year to RMB1,061.8million ($148.6 million U.S.), or RMB3.34 ($0.47 U.S.) per diluted ADS.
Shares dropped $1.17, or 15.5%, to $6.33