BRIEF: Qudian revenue jumps as last-mile delivery business gains momentum

Qudian Inc. (QD.US) reported on Friday its revenue rose five times to 53.3 million yuan ($7.5 million) in this year’s second quarter from 11.1 million yuan a year earlier, as its recently launched last-mile delivery service gained momentum. The company also reported a profit of 99.8 million yuan for the quarter, reversing a 76.9 million yuan loss a year earlier.

Qudian said its last-mile delivery service, which it launched last year, generated 46.2 million yuan in the second quarter, up more than 10 times from just 4.3 million yuan a year earlier. Its cost of revenue also jumped, though at a slower rate, rising nearly four times to 46.2 million yuan from 12.7 million yuan a year earlier.

As its new business gained scale and became more efficient, the former consumer lender’s operating loss narrowed to 57.4 million yuan from 94.1 million yuan a year earlier. The company’s new last-mile delivery service is currently available in Australia and New Zealand.

To subscribe to Bamboo Works free weekly newsletter, click here