Zhitong Finance learned that Qudian (QD.US) announced financial results for the fourth quarter of 2023. According to the data, Q4 revenue was 63.8 million yuan (RMB, same below), a year-on-year decrease of 60%. Net loss was $117 million, compared to net profit of $490 million for the same period last year. The loss of basic and diluted US stocks was $0.57, compared with earnings of 2.07 yuan per share for the same period last year.
As of December 31, 2023, the company's cash and cash equivalents were $7.207.3 billion, and restricted cash was $59.4 million.
Additionally, Qudian authorized a share repurchase program under which the company can repurchase up to $300 million worth of issued American Depositary Receipts (ADS) within the next 36 months from June 13, 2024, each representing one Class A common share. The company plans to fund the buyback from its current cash balance and does not expect the buyback program to adversely affect its current business strategy. The company's current market capitalization is around $558 million.
As of press release, the stock was up 4.85% during Monday's pre-market trading session.