Qifu Technology Discloses $150M Share Buyback
Portfolio Pulse from Lekha Gupta
Qifu Technology Inc (NASDAQ:QFIN) announced a new share repurchase plan, allowing the company to buy back up to $150 million of its American depositary shares (ADS) or Class A ordinary shares over the next 12 months starting from June 20, 2023. QFIN's Q1 2023 revenues were $524.1 million, missing the consensus of $560.6 million.
June 20, 2023 | 10:42 am
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NEUTRAL IMPACT
Qifu Technology's new $150M share buyback plan may boost investor confidence, but Q1 2023 revenues missed consensus estimates.
The announcement of the share buyback plan demonstrates the company's confidence in its business outlook and commitment to maximizing shareholder value. However, Q1 2023 revenues missed consensus estimates, which may offset the positive impact of the buyback plan on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100