RTTNews | Sep 7, 2020 06:31AM EDT

06:31 Monday, September 7, 2020 (RTTNews.com) - Qudian Inc. (QD) reported that its second quarter non-GAAP net income declined by 97.4% year-on-year to RMB 29.9 million or $4.2 million, RMB 0.12 or $0.02 per ADS.

Second quarter total revenues were RMB 1.17 billion or $165.2 million, a decrease of 47.4% from last year. Total number of registered users as of June 30, 2020 reached 80.8 million, up 6.4% from June 30, 2019.

Min Luo, CEO of Qudian, said: "In light of unstable market conditions during the period, we adopted an extremely stringent approach for loan approvals while keeping focused on decreasing exposure to credit market risks. As such, our loan book business, as compared with the first quarter, maintained loan transaction volume that was relatively flat during the period."

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