Why Shares of Qudian Tumbled Today
Shares of Qudian (NYSE: QD) sank on Monday after the online consumer credit provider released its third-quarter report. The Chinese company's results were mixed relative to analysts' expectations, and Qudian reduced its full-year outlook for adjusted net income. As of 11:50 a.m. EST, the stock was down 17.3%.
Qudian reported third-quarter revenue of 2,590.9 million yuan, or $362.5 million, up 34.3% year over year and $48.6 million higher than the average analyst estimate. The total number of outstanding borrowers inched up 3.4% to 6.3 million, while the number of active borrowers who drew down credit during the quarter rose 15.2% to 669,111.
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Source Fool.com
