Why StoneCo Stock Sank by 9% Today
Shares of StoneCo (NASDAQ: STNE) were trading down by 9.1% as of 1 p.m. ET on Thursday. The Brazilian financial technology firm has been on a downward slide since it reported third-quarter earnings in November, and is likely seeing correlations with the Nasdaq 100 Index, which was down by 2.3% at that point of the trading day.
StoneCo delivered its Q3 earnings results on Nov. 16, reporting a quarterly loss of $0.78 per share. That was far worse than analysts' consensus prediction of a loss of $0.12 per share. While revenue of $281 million beat analysts' expectations, the earnings miss is likely a big reason why the stock has fallen by more than 50% in the last month.
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Source Fool.com
