Qudian Inc. announced its unaudited financial results for the third quarter ended September 30, 2024, reporting a net income attributable to shareholders of RMB131.9 million (US$18.8 million). This marks a significant turnaround from a net loss of RMB181.2 million in the third quarter of 2023. Diluted net income per ADS stood at RMB0.71 (US$0.10) for the quarter.
Total revenues for the quarter reached RMB55.0 million, an 85.9% increase from RMB29.6 million in the same period last year. This growth was primarily driven by the company's last-mile delivery business, which generated RMB53.5 million in revenue, up from RMB28.6 million in the third quarter of 2023. The company's loss from operations also improved, decreasing to RMB67.0 million from RMB100.8 million year-over-year.
As of September 30, 2024, Qudian maintained a strong liquidity position with RMB4,847.0 million (US$690.7 million) in cash and cash equivalents. The company also continued its share repurchase program, having bought back 12.1 million ADSs for approximately US$25.3 million between June 13, 2024, and November 18, 2024, as part of a US$300 million program approved in March 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.