Brazil's StoneCo up after Q3 profit surges on financial services performance

StoneCo

10/11/2023 21:44

** Shares of Brazilian financial tech firm StoneCo  STNE.O 
up 6.5% at $11.42 in extended trading 
    ** Co reported its adj. net profit more than quadrupled in
Q3, beating analysts' estimates off the back of solid growth in
its financial services segment
    ** Posted adj. net profit of 435 mln reais ($88.75 million),
while analysts polled by LSEG expected 362.7 mln reais
    ** Rev of 3.1 billion reais ($632.49 million), in line with
estimates and up 25.2% y-o-y, boosted by a 29% increase in rev
from financial services segment, its main business
    ** As of last close, stock up 13.93% YTD

($1 = 4.9013 reais)

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))