adminBy Ben Glickman
Shares of StoneCo rose after the company’s profit and revenue jumped in the third quarter.
The stock was up 6.1% to $11.37 in after-hours trading, following a 4.2% rise at Friday’s close. Shares are up 14% this year.
The Brazilian financial services company logged a third-quarter profit of 411.3 million reais ($83.8 million), up from BRL197.1 million a year earlier.
Stripping out certain one-time items, StoneCo reported an adjusted profit of BRL1.32 a share, higher than the BRL1.12 expected by analysts polled by FactSet.
Revenue surged 25% to BRL3.14 billion, more than the BRL3.078 billion forecast by analysts, according to FactSet.
The company said its higher top line was driven by an increase in financial services platform revenue resulting from more active clients and improvements to its commercial policy.
Write to Ben Glickman at [email protected]
Read the full article here
