Stock Alert: LexinFintech Adds 20% After Earnings Surpass Estimates

Shares of Chinese online consumption and finance platform LexinFintech Holdings Ltd. (LX) are rising more than 20% Tuesday morning following first quarter results.

The company reported net income of $108.53 million or RMB711.08 million, compared with net loss of RMB678.43 million in the first quarter of last year.

Earnings per ADS were $0.53 per share or RMB3.49 per share compared with loss per ADS of RMB3.73 a year ago.

Excluding items, earnings were $0.57 per share, that beat the average estimate of analysts polled by Thomson Reuters at $0.28 per share.

Operating revenue for the quarter increased to $449.29 million or RMB2.943 billion from RMB2.5 billion last year, driven by 122% growth in platform-based services income.

The company said its total number of registered users reached 132 million as of March 31, an increase of 56.5% from 84.2 million last year.

Total loan originations in the first quarter were RMB53.8 billion, jumped 57.8% from RMB34.1 billion in the first quarter a year ago.

LX is currently trading at $11.01. It has traded in the range of $6.04- $15.42 in the last one year.

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