JFU - Why 9F Stock Plunged Below $1 Today
Shares of 9F (NASDAQ: JFU) plunged today, down by 18% as of 2:53 p.m. EDT, after the company reported earnings results for the first half of 2020. The stock is now trading below $1, an important threshold that is required to remain listed on the Nasdaq.
Revenue in the first half of 2020 fell by 61% to 848.4 million yuan ($120.1 million), which resulted in a net loss of 744.6 million yuan ($105.4 million). On an adjusted basis, the Chinese fintech company lost 454.3 million yuan ($64.3 million). Loan origination volume in the first half declined by 90%, while the number of active borrowers decreased by 84%.
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Why 9F Stock Plunged Below $1 Today