Stock Track | Qifu Technology Soars 5.11% in Pre-Market on Strong Q3 Results and $450M Buyback Plan

Stock Track2024-11-20

Qifu Technology (QFIN), a leading Credit-Tech platform in China, saw its stock soar 5.11% in the pre-market trading session on Wednesday. This surge came after the company reported impressive third-quarter 2024 financial results and announced a new $450 million share repurchase plan for 2025.

The key highlights from Qifu's Q3 results include: - Revenue of $622.7 million, up 6.1% year-over-year, beating estimates - Adjusted net income per ADS of $1.76, up significantly from $1.40 a year ago and surpassing expectations - Net income of $1.8 billion for the quarter The strong performance was driven by robust demand for Qifu's credit facilitation services and effective cost control measures.

Additionally, Qifu's board approved a new share repurchase plan of up to $450 million for 2025, reflecting the company's confidence in its long-term prospects and commitment to enhancing shareholder value. The buyback plan is set to commence on January 1, 2025, and will continue for 12 months.

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