Brazil's StoneCo posts adjusted profit beat in third quarter

StoneCo

12/11/2024 21:06

SAO PAULO, Nov 12 (Reuters) - Brazilian payments firm
StoneCo  STNE.O  posted on Tuesday a 35% increase in its
third-quarter adjusted net profit from a year earlier, beating
analysts' estimates. 
    StoneCo, which also owns software and credit businesses,
reported an adjusted net profit of 587 million reais ($101.7
million) for the quarter ended in September, above the 555
million reais expected by analysts in an LSEG poll.
    
    WHY IT'S IMPORTANT
    StoneCo, which is listed in New York, is one of Brazil's
largest payment firms.
    
    BY THE NUMBERS
    StoneCo's total revenue reached 3.4 billion reais in the
quarter, in line with estimates and up 7% year-on-year. Total
payment volume (TPV) for micro-, small- and medium-sized
companies, the firm's main business, rose 20%.
    Adjusted earnings before taxes (EBT) increased 35% from a
year earlier to 733 million reais.
    
    WHAT'S NEXT
    StoneCo also confirmed it had hired advisers to explore its
options regarding its software business, though it said it had
not established a deadline for any kind of deal. 
    Reuters reported in September, citing sources, that StoneCo
had hired banks to sell software unit Linx.

($1 = 5.7724 reais)

 (Reporting by Andre Romani and Patricia Vilas Boas in Sao
Paulo; Editing by Kylie Madry)
 ((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))