LX - Why LexinFintech Holdings Is Tumbling Today
China-based LexinFintech Holdings (NASDAQ: LX) saw its share price drop at double-digit rates on Wednesday following the release of its latest quarterly results. In mid-afternoon trading, the previously popular stock was down by nearly 13%.
For its second quarter, LexinFintech earned revenue of just under 3.27 billion yuan ($505 million), which bettered the almost 2.96 billion yuan ($457 million) it made in the same quarter last year. That derived from total loan originations of 60.6 billion yuan ($9.4 billion) in the quarter, against the 41.1 billion ($6.3 billion) of Q2 2020.
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Why LexinFintech Holdings Is Tumbling Today