Why Lufax Holding Stock Dropped Today
Shares of Lufax (NYSE: LU) fell as much as 10% early Tuesday, according to data provided by S&P Global Market Intelligence, then settled to trade down around 6% as of 2:30 p.m. ET after the China-based financial-services enabler announced mixed second-quarter 2023 results.
On the top line, total income fell 39.4% year over year to RMB9.270 billion (or $1.278 billion), translating to a net profit of RMB1,004 million ($138 million), or RMB0.42 (US$0.06) per American Depositary Share (ADS). Analysts, on average, were expecting lower earnings of RMB0.39 per ADS but on significantly higher revenue of RMB10.13 billion.
"As the macroeconomic landscape moves toward recovery, our core SBO [small business owner] customers still faced some difficulties during the second quarter," stated Lufax Chairman and CEO Yong Suk Cho, "affecting our operational landscape and impeding the trajectory of our U-shaped recovery."
Source Fool.com
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