LexinFintech Holdings Ltd. (LX) saw its stock surge 5% in pre-market trading on Tuesday, following the release of its third quarter 2024 financial results on Monday. Despite reporting a 100% year-over-year decrease in sales to $521.85 million, the fintech company posted better-than-expected earnings and profitability metrics, driven by robust cost controls and operational efficiencies.
Notably, LexinFintech reported adjusted earnings per ADS of RMB1.98 (US$0.28) on a fully diluted basis for Q3 2024. The company's net income attributable to ordinary shareholders reached RMB309.56 million (US$44.11 million) during the quarter, indicating resilient profitability.
LexinFintech's strong Q3 performance was underpinned by its robust risk management capabilities and resilient business model, which enabled the company to navigate the challenging macroeconomic environment while maintaining profitability. The company's non-GAAP EBIT reached RMB409.46 million (US$58.35 million), reflecting its commitment to operational efficiency and cost discipline.
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