Why Nu Holdings Stock Is Plummeting Today
Nu Holdings' (NYSE: NU) stock is sinking in Thursday's trading following the company's third-quarter release. The Brazil-based fintech's share price was down 7.9% as of 12:15 p.m. ET.
Nu published its third-quarter earnings results after the market closed yesterday and actually posted sales and earnings that came in ahead of Wall Street's expectations. Despite the Q3 beats, the company's share price is moving lower today as investors and analysts are becoming more bearish about the macroeconomic backdrop in Brazil.
Nu recorded earnings per share of approximately $0.11 on revenue of $2.94 billion in the third quarter. The average analyst estimate, as polled by FactSet, had called for the business to post per-share earnings of roughly $0.10 on revenue of $2.6 billion. Revenue was up roughly 37% year over year, and earnings per share rose approximately 81%.
Source Fool.com
