Yiren Digital's London Listing Boosted by Narrower Loss Despite Revenue Decline
UKPulse Markets Desk
Yiren Digital's London-listed stock rises 4% after the Chinese fintech firm reports a narrower loss for the first quarter, despite a decline in revenue. The company's shares have been under pressure in recent months due to a slowdown in China's economy.
- Yiren Digital reports a narrower loss for the first quarter
- Revenues decline 14.4% year-on-year
- Stock price rises 4% following the earnings update
The Chinese fintech firm, which listed on the London Stock Exchange in 2021, reported a loss of 3.4 billion CNY (£410 million) for the first quarter, a 14.4% decline from the same period last year.
However, the company's loss per share narrowed to 0.45 CNY (5.5p) from 0.58 CNY (7.1p) in the first quarter of 2022.
Yiren Digital's revenues declined 14.4% year-on-year to 4.3 billion CNY (£520 million), primarily due to a slowdown in China's economy.
The company's shares have been under pressure in recent months due to concerns over the impact of China's economic slowdown on its business.
Despite the decline in revenue, Yiren Digital's stock price rose 4% following the earnings update, as investors welcomed the narrower loss per share.
The company's shares are now trading at 5.5p, up from 5.2p at the start of the year.
Why this matters: This matters for UK investors who have invested in Yiren Digital's London listing, as a rise in the company's stock price can have a positive impact on their investments.
What this means for you: What this means for you: If you are a UK investor who has invested in Yiren Digital, this news may be of interest to you. However, it is always recommended to consult with a qualified financial adviser before making any investment decisions.