Shares of StoneCo (NASDAQ: STNE) fell as much as 13.5% early Tuesday, then partly recovered to close down 6.9% after the Brazilian fintech announced mixed quarterly results relative to expectations. It also announced the impending resignation of one of the company founders.

Fourth-quarter 2023 revenue grew 20.1% year over year to 3.25 billion Brazilian reals ($645.4 million), translating to adjusted earnings of 1.76 reals per share ($0.35). Analysts on average were predicting earnings of only 1.53 reals per share, but revenue closer to 3.40 billion reals.

Digging deeper into StoneCo's results, financial-services platform revenue grew 24.4% year over year, to 2.87 billion reals, while software revenue declined 3.5% to 363 million reals.

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Source Fool.com