Why StoneCo Stock Fell Today
Shares of StoneCo (NASDAQ: STNE) have fallen today, down by 5% as of 1:20 p.m. EDT, after the company reported third-quarter earnings results. The results topped expectations and key metrics have rebounded to pre-COVID-19 levels.
Revenue in the third quarter increased 39% to 934.3 million Brazilian reals ($162.7 million), which was ahead of the $135 million in sales that analysts were expecting. That resulted in adjusted net income of 287.9 reals ($50.1 million), or 0.99 reals per share ($0.17 per share), compared to the $0.15 per share in adjusted profits that Wall Street was looking for. The Brazilian fintech company now has an active client base of approximately 583,000, excluding the TON division.
Image source: StoneCo.
Source Fool.com
