Shares of Lianlian DigiTech (HKG:2598) are soaring 15.67% in intraday trading on Wednesday, as investors respond positively to the company's improved financial performance for the year 2024. The Chinese digital payment company's stock price surge comes on the heels of its latest earnings report, which revealed a significant narrowing of losses and robust revenue growth.
According to the company's filing with the Hong Kong stock exchange, Lianlian DigiTech's attributable loss for 2024 narrowed substantially to 168.2 million yuan, down from 656.1 million yuan in the previous year. This improvement translated to a reduced loss per share of 0.16 yuan, compared to 0.65 yuan in 2023. Additionally, the company reported a strong 28% increase in revenue, reaching 1.31 billion yuan, up from 1.03 billion yuan in the prior year.
The market's enthusiastic reaction to Lianlian DigiTech's financial results underscores investor confidence in the company's turnaround efforts and growth prospects in the competitive digital payment sector. As trading continues, market participants will be closely watching to see if the stock can maintain its momentum and if the company can build on this financial improvement in the coming quarters.
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