Qifu Technology Reports Q2 2024 Adj Earnings Per ADS $1.26, Sales Of $572.40M
Portfolio Pulse from Benzinga Newsdesk
Qifu Technology (NASDAQ:QFIN) reported Q2 2024 adjusted earnings per ADS of $1.26, missing the analyst consensus estimate of $7.17 by 82.43%. The company also reported quarterly sales of $572.40 million, missing the analyst consensus estimate of $4.25 billion by 86.52%. Despite the misses, sales increased by 6.04% compared to the same period last year.
August 13, 2024 | 10:03 pm
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Qifu Technology reported Q2 2024 earnings and sales that significantly missed analyst estimates. The company reported adjusted earnings per ADS of $1.26, missing the estimate of $7.17 by 82.43%, and sales of $572.40 million, missing the estimate of $4.25 billion by 86.52%. Despite these misses, sales increased by 6.04% year-over-year.
Qifu Technology's significant miss on both earnings and sales estimates is likely to negatively impact its stock price in the short term. The magnitude of the miss (82.43% for earnings and 86.52% for sales) suggests a strong negative reaction from investors, despite the year-over-year sales growth.
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