Noah Holdings Ltd (NYSE:NOAH) saw its stock price plummet 5.35% in pre-market trading on Wednesday following the release of its fourth-quarter and full-year 2024 financial results. The wealth management firm reported significant declines in both revenue and earnings, disappointing investors and raising concerns about its near-term growth prospects.

According to the company's earnings report, Noah Holdings' Q4 earnings per share fell to $0.26, marking a steep 44.68% decrease from $0.47 in the same period last year. Quarterly sales also took a hit, dropping 20.69% year-over-year to $89.31 million. The full-year results painted a similarly gloomy picture, with net revenues declining by 21.1% and non-GAAP net income plummeting 46% to RMB 550 million.

Despite the disappointing figures, Noah Holdings highlighted several positive developments during its earnings call. The company made progress in restructuring its domestic sales team to comply with evolving regulatory requirements and launched new internationally focused brands such as Arc, Olive, and Glory Family Heritage. Additionally, Noah reported a 55.1% increase in overseas relationship managers, signaling its commitment to expanding its global presence. However, these efforts have yet to offset the challenges faced in both domestic and overseas markets, particularly in insurance product distribution and the competitive Hong Kong market.