QD - Qudian Q4 earnings miss as loan balance transaction volume slide
China-based consumer finance platform Qudian (NYSE:QD) Q4 earnings fell short of the consensus estimate, as the company's loan balance and transaction volume drift down. Regarding its Wanlimu e-commerce platform, "we decided to significantly downsize the business after cautiously re-evaluating the impact of recurrent pandemic outbreaks and regulations concerning the education industry," said Min Luo, founder, chairman and CEO. Financing income of RMB 296.4M ($46.5M) in the fourth quarter slid from RMB 411.8M in Q4 2020, driven by the decrease in the average on-balance sheet loan balance. Loan facilitation income of RMB 9.9M in Q4 dropped from RMB 103.2M in Q4 a year ago. Transaction services fee income of RMB 41.6M in Q4 gained from RMB 3.1M in Q4 of last year, as a result of the reassessment of variable consideration, the company said. Q4 operating costs of RMB 603.7M jumped from RMB 16.7M in the same period a year ago. Q4
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Qudian Q4 earnings miss as loan balance, transaction volume slide