Marketing software 360 DigiTech falls after plunge in Q2 profit

Qfin Holdings

19/08/2022 11:44

** U.S.-listed shares of Chinese digital marketing platform
360 DigiTech Inc  QFIN.O  down 5.4% at $13.92 premarket 
    ** After market close on Thursday, co reported 37% drop in
Q2 net profit to 979.8 mln yuan ($143.9 mln), as expenses
skyrocketed  urn:newsml:reuters.com:*:nGNX47hYym
    ** Although we started to see modest recovery in consumer
credit after lockdown measures were lifted in certain regions of
China, we plan to continue to take a prudent approach to manage
our business growth and risks - CFO Alex Xu
    ** YTD, stock is down 36%
    
    ($1 = 6.81 Chinese yuan renminbi)

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com;))