QFIN - Qifu Technology reports mixed Q2 earnings; updates FY23 outlook
2023-08-22 00:43:03 ET
- Qifu Technology press release ( NASDAQ: QFIN ): Q2 Non-GAAP EPADS of $0.96 beats by $0.05 .
- Revenue of $539.8M (-6.43% Y/Y) misses by $5.06M .
- Net income margin was 27.9%. Non-GAAP net income margin was 29.3%.
- "As of June 30, 2023, our platform has connected 153 financial institutional partners and 220.6 million consumers with potential credit needs, cumulatively, an increase of 11.5% from 197.9 million a year ago."
- Cumulative users with approved credit lines were 47.4 million as of June 30, 2023, an increase of 14.9% from 41.3 million as of June 30, 2022.
- Cumulative borrowers with successful drawdown, including repeat borrowers was 28.5 million as of June 30, 2023, an increase of 11.3% from 25.6 million as of June 30, 2022.
- 90 day+ delinquency rate of loans originated by financial institutions across our platform was 1.84% as of June 30, 2023.
- Outlook: "The Company would like to adjust its outlook of loan volume for 2023 to be between RMB470 billion and RMB485 billion, representing a year-on-year growth of 14% to 18%, compared to the previous outlook of RMB455 billion to RMB495 billion."
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Qifu Technology reports mixed Q2 earnings; updates FY23 outlook