QFIN - Why 360 DigiTech Stock Jumped Today
Shares of 360 DigiTech (NASDAQ: QFIN) jumped as much as 13% today after the company reported fourth-quarter earnings. As of 12:50 p.m. EDT, the stock was up 9%.
Revenue in the fourth quarter increased 39% to 3.33 billion yuan ($511.5 million), which resulted in adjusted net income of 1.3 billion yuan ($201.1 million). The Chinese fintech company said loan origination volumes were 69 billion yuan, while loan facilitation volumes under its capital-light platform were 21.9 billion yuan. 360 DigiTech now has 162.6 million cumulative registered users, and the company's 90-day delinquency ratio was 1.48% at the end of 2020.
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Why 360 DigiTech Stock Jumped Today