360 DigiTech rises on Q3 earnings beat, board director appointment

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Financial technology company 360 DigiTech (QFIN) was trading ~6% higher during market hours after reporting a beat in Q3 earnings and announcing the appointment of new director.

Q3 non-GAAP EPADS of $0.91 beats by $0.01, while revenue of $582.6M (-18.6% Y/Y) misses by $10.9M.

Income from operations came in at $162.8M, while non-GAAP income from operations was $169.8M.

Operating margin was 27.9% and non-GAAP operating margin was 29.1%.

Net income was $138.9M, while non-GAAP net income was $145.9M.

Attributable net income stood at $139.6M.

Net income margin was 23.8%. Non-GAAP net income margin was 25.0%.

At Q3-end, the company's total cash and cash equivalent was ~RMB10.8B, and ~RMB1.6B was generated from cash from operations, CFO Alex Xu said.

For Q4, the company expects loan facilitation and origination volume to be between RMB102.5 billion and RMB112.5 billion, representing year-on-year growth of 6% to 16%.

QFIN reported a decrease of 11.1% in its quarterly dividend to $0.16, as per the company policy.

The company said Jiao Jiao is appointed a board director, while Wei Liu has resigned as a director, all effective Nov. 11.