Brazil's PagSeguro posts $74 mln quarterly profit, beats forecast

PagSeguro Digital

25/05/2023 21:24

SAO PAULO, May 25 (Reuters) - Brazilian financial
technology firm PagSeguro Digital  PAGS.N  on Thursday posted a
better-than-expected 6% increase in its first-quarter profit,
which the company said was boosted by payment processing
revenue.
    The New York listed-firm posted net profits of 370 million
reais ($73.95 million), while analysts surveyed by Refinitv
expected profits of 344 million reais.
    "This past quarter, we saw strong growth in payment
processing revenues, due to market share gains in key segments,"
said CEO Alexandre Magnani in a statement. He also highlighted a
positive carry over from repricing of payment processing
services conducted last year and interest income from the
company's financial services.
    The firm, which is also launching a formal rebranding as
Pagbank on Thursday, reported that net revenue during the first
three months of this year grew 9% from the same period last year
to reach 3.75 billion reais, slightly below analysts estimate of
3.84 billion reais.
    Total payment volume (TPV) for its payments arm totaled 88.1
billion reais, up 10% from the first three months of 2022.

    ($1 = 5.0033 reais)

 (Reporting by Andre Romani; Writing by Peter Frontini; Editing
by David Alire Garcia)
 ((Peter.Siqueira@thomsonreuters.com; +55 11 56447727;))