BRIEF: Qudian turns profitable as last-mile delivery business continues to grow
Qudian Inc. (QD.US) reported on Friday its third-quarter revenue rose 85.8% year-on-year to 55 million yuan ($7.8 million), as it expanded its last-mile delivery services in Australia and New Zealand. The company achieved a non-GAAP net profit of 131.9 million yuan for the quarter, compared to a non-GAAP net loss of 179.8 million yuan in the same period last year.
Qudian said its last-mile delivery business generated revenue of 53.5 million yuan in the third quarter, up 87% year-on-year. At the end of September, the company held 4.8 billion yuan in cash and cash equivalents. It said it remains firmly committed to executing its business transformation.
Founded in 2014, Qudian was originally a fintech company specializing in loans to university students. But with tighter regulation in China, the company began to wind down its original lending business. After unsuccessful attempts to run education and packaged meals businesses, it has recently focused on last-mile delivery services in Australia and New Zealand. Qudian’s stock fell 3.7% to $2.34 in New York on Friday after the release of the report.
By Lee Shih Ta
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