FINV - FinVolution stock soars as Q1 sees rise in net revenues transaction volume; COVID keeps Q2 outlook 'cautious'
FinVolution (NYSE:FINV) stock rose ~10% on June 1, after the company reported its Q1 results a day ago. Q1 net revenues rose +15.8% Y/Y to ~RMB2.45B. The Shanghai-based company said the rise was mainly due to due to the increase in loan facilitation service fees and post facilitation service fees. Loan facilitation service fees grew +31.5% Y/Y to RMB1B, mainly due to the increase in transaction volume, partially offset by the decrease in service fee rates. Post-facilitation service fees increased by +102.5% Y/Y to RMB458.4M, mainly due to the increase in outstanding loans served by the company and the rolling impact of deferred transaction fees, FinVolution (FINV) said in its May 31 earnings release. Q1 total transaction volume grew +48.1% Y/Y to RMB39.7B. However, non-GAAP net profit declined -8.85% Y/Y to ~RMB554.36M. Non-GAAP operating margin was 24.6%, compared to 31.8% in Q1 2021. The company added that total outstanding principal of loans rose +65.5%
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FinVolution stock soars as Q1 sees rise in net revenues, transaction volume; COVID keeps Q2 outlook 'cautious'