Qifu Technology Discloses $150M Share Buyback

Qifu Technology Inc QFIN disclosed a new share repurchase plan.

As per the program, the company may repurchase shares worth up to $150 million of its American depositary shares (ADS) or Class A ordinary shares over the next 12 months starting from June 20, 2023.

Haisheng Wu, CEO and Director said, "the Company's new share repurchase program demonstrates our confidence in our business outlook and reflects our commitment to maximizing long-term shareholder value."

Last month, QFIN reported Q1 2023 revenues of $524.1 million, missing the consensus of $560.6 million, and adjusted earnings of $0.86 per ADS coming in line with the consensus. 

In Q1 2023, operating cash flow stood at around ¥1.8 billion. 

Price Action: QFIN shares are trading lower by 0.74% at $16.01 premarket on the last check Tuesday.