Yiren Digital's stock fell sharply on Wednesday morning, plummeting 5.23% in pre-market trading. The sell-off came after the company reported its third-quarter 2024 financial results, which showed a significant decline in earnings per share (EPS) despite revenue growth.
For the third quarter, Yiren Digital posted revenue of $210.77 million, up 17.32% year-over-year. However, the company's EPS fell to $0.57, a 32.51% decrease from $0.85 in the same period last year. Net income for the quarter was $50.7 million.
The disappointing earnings figures, especially the steep decline in EPS, appeared to have spooked investors and triggered the stock's plummet. While Yiren Digital's top line continued to grow, the company's profitability took a significant hit, raising concerns about its ability to translate revenue gains into bottom-line earnings growth.
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