- Adjusted net income to be more than RMB2.5 billion; and
- Number of vehicles leased out to be more than 100 thousand.
Chinese consumer credit firm Qudian Inc (NYSE:QD) announced its first quarter earnings before the bell on Monday, reporting an increase in revenue but a lower number of active borrowers.
The company reported earnings of US$0.15 per share on revenue of US$273.7mln compared with around US$131mln on revenue of US$0.24 EPS in the previous year’s first quarter.
The number of active borrowers decreased to 4.1 million compared with 4.8 million in the first quarter of 2017.
"Our results in the first quarter reflect both the temporary credit downturn in Chinese consumer credit markets following implementation of new regulations late last year as well as our proactive decision to temporarily tighten credit standards and de-risk our book," said CEO Min Luo.
For the year ahead, the consumer finance company expects adjusted net income to reach around US$391.4mln.
The microlender’s auto financing segment, known as Dabai Auto, leased a total of 6,608 in its first quarter. For the full year, the company expects to lease over 100,000 vehicles.
The company’s board lost two of its directors, Shilei Li and Yi Cao, due to personal reasons.