Why Shares of StoneCo Are Surging Today
Shares of StoneCo (NASDAQ: STNE) traded up 10% on Friday morning after the Brazilian financial tech company reported strong third-quarter results that showed rapid growth in its home market. Warren Buffett's Berkshire Hathaway bought into StoneCo last year, and it has to be pleased with the company's progress.
StoneCo after markets closed Thursday reported third-quarter adjusted net income of 201.9 million reals ($48.2 million) on revenue of 671.1 million reals ($160 million), up 126% and 62%, respectively, year over year. The company's adjusted net margin grew to 30%, up 8.5 basis points from a year prior, and total payment volume rose 50% year over year to 32.6 billion reals ($7.79 billion).
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Source Fool.com
