LexinFintech (LX) reported earnings on Thu 23 Aug 18 (b/o)

LexinFintech Holdings Ltd., through its subsidiaries, operates as an online consumer finance platform for young adults in the People's Republic of China.

• Sector: Financial Services
• Industry: Credit Services
• Full Time Employees: 2,518
• Founded in 2013
• Headquartered in Shenzhen, China
• http://www.fenqile.com

** charts after earnings **

LexinFintech Holdings (NASDAQ:LX) jumps 13% in premarket trading after the Chinese online consumer finance company posts Q2 total operating revenue of $269.5M, beating consensus by $17.1M.

Q2 total loan originations RMB 16.6B, up 68% from a year ago.

Q2 non-GAAP EBIT RMB 353.4M ($53.4M) vs. RMB 210.8M in Q1 and RMB 79.8M a year ago.

Q2 adjusted net income RMB 502.3M ($75.9M) vs. RMB 173.7M in Q1 and RMB 57.3M a year ago.

Sees FY2018 total loan origination of RMB 65B-RMB 75B, compared with RMB 80B guidance given on May 21. The Chinese government's recent actions to reduce financial risks have tightened liquidity in the P2P market, which has led to smaller players’ exiting from the industry, the company says.