FinVolution Group Shares Fall After Q2 Results Release on Market Uncertainties by Investing.com

NEW YORK – FinVolution Group (NYSE: ) reported second-quarter results on Tuesday, sending shares down 2.2% in premarket trading.

The Chinese fintech company posted adjusted earnings per share of RMB 2.22 ($0.30). However, revenue came in at RMB 3.17 billion ($435.9 million), missing consensus estimates.

FinVolution’s transaction volume in China increased 2% year-on-year to RMB 46.4 billion in Q2. The company’s international business saw stronger growth, with transaction volume up 27.8% to RMB 2.3 billion.

“We ended the first half of 2024 on a positive note, driving incremental growth in the China market while maintaining faster growth momentum internationally through the strong execution of our Local Excellence Strategy, Global Outlook” , said CEO Tiezheng Li.

For the full year 2024, FinVolution reiterated its transaction volume guidance for the China market from RMB 195.7 billion to RMB 205.0 billion, representing 5-10% year-on-year growth. The company expects international transaction volume to reach RMB 9.4 billion to RMB 11.0 billion, up 20-40% from 2023.

While it noted “encouraging signs of recovery”, management warned that “uncertainties persist in the markets in which we operate” and said they would “remain cautious” in business operations.

The slight drop in FinVolution’s share price after the earnings release suggests investors were hoping for stronger results or more upbeat guidance amid China’s uneven economic recovery. However, the modest 2.2% decline indicates that the market reaction was relatively muted overall.

This article was generated with AI support and reviewed by an editor. For more information, see T&C.