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Why FinVolution Stock Skyrocketed Today

TheMotleyFool

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Shares of FinVolution (NYSE: FINV) have skyrocketed today, up by 30% as of 12:05 p.m. EST, after the company reported fourth-quarter earnings. Loan origination volumes were strong, and FinVolution issued optimistic guidance for 2021.

Revneue in the fourth quarter was 1.85 billion yuan ($284 million), which resulted in net income of 497.3 million yuan ($76.2 million). Loan origination volumes increased 24% to 21 billion yuan, topping FinVolution's outlook. The Chinese fintech company, which provides financial services to underserved consumers, now has 2.2 million unique borrowers and the average loan size was just over 4,000 yuan.

Image source: Getty Images.

Source Fool.com

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