Qudian Reports Record High Profit, Revenue Drop; Stock Rises 1%
Shares in Qudian Inc. (NYSE: QD) were trading up 1 percent, at $8.78 per share, on Friday afternoon after the company posted its record high net profit for the second quarter.
The Xiamen-based company, which provides small consumer credit products online, said its revenue in the three months through June reached $323.5 million, down 5 percent year-over-year. Net income was a record $166.5 million, or 58 cents per share, it said, up 34 percent, compared with $109.4 million, or 33 cents per share, a year ago.
"In the second quarter we achieved new records in net income and borrower numbers and made great progress on our open-platform initiative," Min Luo, the founder, chairman and chief executive officer of Qudian, said in a statement Friday.
Luo continued, "Leveraging our self-developed credit big-data and transaction clearing technologies, we are able to provide large scale credit assessment and high-speed precision."
Qudian also said its online registered users reached 76 million in the second quarter, representing a 12 percent increase year-over-year – its highest-ever number of users.
Carl Yeung, the chief financial officer of the company, noted the "full-suite consumer finance solution" that's offered to app partners.
"Our established full-suite consumer finance solution offered to our app partners contains credit assessment models and transaction infrastructure that can process over 37,000 transactions per hour," Yeung said in a statement on Friday.
Back in June, Qudian's stock tumbled 10 percent to $7.64 per American depositary share after it announced it would seek to sell $250 million in convertible senior notes. The stock has gone up since then as July and August averaged at $9.14 per share and $8.69 respectively.
Looking ahead, the company said it will open its interface for third party app partners.
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