In Monday trading, shares of LexinFintech Holdings Ltd. (LX, Financial) fell more than 3% after reporting first-quarter earnings of 13 cents on revenue of $250.4 million. The company managed to beat revenue expectations by $18.53 million, but fell short of earnings estimates by 5 cents.
Further, the total number of registered users was 26.4 million, a 94.8% increase year over year. The number of users with credit line reached 8.2 million, up 64%.
The number of active customers who used loan products was 2.6 million, a 39.2% increase from 1.9 million in the first quarter of 2017. The number of new active customers was 0.44 million.
"We saw continued growth in our business in the first quarter," Chief Financial Officer Craig Yan Zeng said. "In the first quarter of 2018 Lexin's gross profit reached RMB412 million and non-GAAP EBIT reached RMB211 million, representing an increase of 52.2% and 66.8% from the same period in 2017. Our adjusted net income also increased by 88.3% to RMB174 million."
Looking ahead, the company expects the total loan origination for fiscal year 2018 to be 80 billion yuan ($12.5 billion).
Shares of Avenue Therapeutics (ATXI, Financial) rose on positive results from its first Phase 3 clinical trial assessing IV tramadol for patients with pain following bunionectomy surgery.
Chief Medical Officer Scott Reines, M.D., Ph.D., said, “We are greatly encouraged by the strong safety and efficacy results from our first Phase 3 trial, which support IV tramadol’s potential to provide an improved IV treatment option for postsurgical pain, and to fill a significant gap between IV NSAIDs and Schedule II opioids. Moreover, the trial clearly defined the 50 mg dose that will be applied in our second Phase 3 trial in patients following abdominoplasty surgery as well as in our ongoing safety trial.”
General Electric (GE, Financial) rose on news the company agreed to merge its transportation business with Wabtec Corp. in a deal valued at approximately $11 million.
Shares of Micron Technology (MU, Financial) rose on Monday after the company announced new quarterly guidance. Third-quarter revenue is expected to be in the range of $7.7 billion to $7.8 billion and earnings per share are projected to be between $3.12 and $3.16.
Disclosure: The author holds no positions in any stocks mentioned.
