Why StoneCo Stock Just Jumped 13%
Shares of Cayman Islands-based fintech stock StoneCo (NASDAQ: STNE) enjoyed a 13.2% run-up through 11:30 a.m. ET Monday morning, as investors got their first chance to react to the company's apparent after-hours earnings beat on Friday.
StoneCo closed out its third quarter of 2023 with 3.1 billion reals in revenue and 545 million reals in adjusted pre-tax earnings, "exceeding expectations," as management declared.
Reals are the Brazilian currency, in which StoneCo reports its results -- seeing as it's a Brazilian company, despite being headquartered in the Caymans. There are 4.92 Brazilian reals to the US dollar.
Source Fool.com
StoneCo Ltd Aktie
9,16 €
-3,91 %
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