Qifu Technology’s American depositary shares surged by 11% to $17.13 in early trading after the company reported higher earnings and revenue in the third quarter than anticipated. Despite a 16% decline since the beginning of the year, this increase in earnings and revenue has exceeded expectations, making the company an attractive option for investors.
The Chinese provider of credit technology services surpassed analyst projections with earnings of 96 cents a share, compared to the expected 89 cents a share. Revenue also increased to 4.28 billion Chinese yuan, or $586.8 million, up from CNY4.14 billion the previous year. Analysts had anticipated revenue of $574.5 million.
Qifu Technology’s positive third-quarter results have led to a surge in their American depositary shares, despite the stock’s overall decline since the beginning of the year. This promising performance in the third quarter may indicate a positive trend for the company in the near future, as investors continue to take note of their impressive financial results and growing business opportunities in China’s rapidly expanding credit market.