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Introduction: Qifu Technology has kicked off the first quarter of 2024 with impressive financial results, showcasing significant growth in revenue and profitabi

Qifu Technology Sees Robust Growth in Q1 2024, Announces Major Share Buyback

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Image credit: Dylan Calluy

Introduction: Qifu Technology has kicked off the first quarter of 2024 with impressive financial results, showcasing significant growth in revenue and profitability. The company, a key player in enabling financial institutions to offer credit services, has also launched a substantial share buyback plan, underscoring its robust financial health and commitment to enhancing shareholder value.

Highlights of Qifu Technology's Q1 Performance:

  1. Revenue Growth:

    • Qifu Technology reported a year-over-year revenue increase of 15.4%, totaling RMB 4.2 billion. This growth is attributed to the company's strategic initiatives aimed at fostering quality growth and expanding its services.
  2. Increase in Profitability:

    • The company saw its non-GAAP net income surge by 23.4% compared to the previous year, reaching RMB 1.2 billion. This increase reflects improved operational efficiency and a better net take rate, which rose by 54 basis points to about 3.5%.
  3. Expansion of Services:

    • Qifu Technology continues to expand its influence, now supporting 159 financial institutions that provide credit services to over 52 million users through its innovative platform.
  4. Strategic Share Buyback:

    • Demonstrating confidence in its financial strategy and future prospects, Qifu Technology has announced a share buyback plan valued at up to $350 million.
  5. Technological Investments:

    • The company is investing heavily in AI and large language models to further enhance its operational efficiencies and service quality.
  6. Loan Portfolio Management:

    • On-balance sheet loans now account for 28% of the total loan volume, indicating a strategic shift towards greater control over its lending services.
  7. Future Outlook:

    • For Q2 2024, Qifu Technology projects its non-GAAP net income to be between RMB 1.22 billion and RMB 1.28 billion, continuing its trajectory of strong financial performance.

Conclusion: Qifu Technology's outstanding performance in the first quarter of 2024 is a testament to its strategic focus on quality growth, profitability, and technological investment. With the announcement of a significant share buyback plan, the company is poised for continued success and remains a compelling choice for investors seeking growth and stability in the tech sector.

To stay updated on Qifu Technology's ongoing financial performance and strategic initiatives, keep an eye on the latest data from the Earnings Surprises API. Utilize this tool to access real-time and historical earnings announcements, helping you make informed investment decisions.

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