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SHANGHAI - Noah Holdings Limited (NYSE:NOAH) reported fourth quarter 2024 earnings in which revenue declined compared to the prior year. The wealth management firm’s stock fell 3.6% following the release.
Noah reported adjusted earnings per ADS of $0.26 for Q4. However, revenue came in at $89.3 million, an 18.5% decrease from $109.6 million in Q4 2023.
The company attributed the revenue decline primarily to a 56.3% drop in one-time commissions from its wealth management business, mainly due to decreased distribution of overseas insurance products.
Net income attributable to Noah shareholders was $15.0 million in Q4, down 49.3% YoY. The company’s operating margin contracted to 21.1% from 27.6% in the year-ago quarter.
"As we close out 2024, I am proud of the significant progress we’ve made in transforming and adapting ourselves over the past year," said Jingbo Wang, Noah’s co-founder and chairwoman. She highlighted that overseas revenue accounted for 48% of total revenues in 2024.
For the full year 2024, Noah reported net revenues of $356.3 million, down 21.1% from 2023. The company’s Board approved an annual dividend and special dividend totaling approximately $75.4 million.
Noah’s stock dipped 3.6% in after-hours trading as investors reacted to the revenue decline despite the earnings beat.
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