Warren Buffett-Backed StoneCo's Torrid Growth Continues
Financial technology and Latin America are both ripe for stellar growth, and StoneCo (NASDAQ: STNE) is strategically positioned at the crossroads. The Brazilian fintech company is backed by Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) and its noted CEO, Warren Buffett.
StoneCo generated impressive results for its fourth outing as a public company, after surprising investors with better-than-expected results in Q1. For the second quarter, StoneCo reported revenue of 586 million Brazilian reals (about $145.1 million), up 69% year over year, topping analysts' consensus estimates of $143.5 million. Adjusted net income of 194 million reals (about $48 million) increased 173% year over year, resulting in adjusted earnings per share of 0.69 reals ($0.17), in line with expectations.
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