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StoneCo Ltd. (NASDAQ:STNE) shares are falling after the company reported its fourth-quarter financial results after the bell Monday. Here's a look at the report.
The Details: StoneCo reported quarterly sales of R$3.25 billion ($171.6 million), missing the R$3.42 billion estimate. The company said this is growth of 20.1% year-over-year and primarily driven by a 24.4% increase in financial services platform revenues, a result of active client base growth and higher monetization from clients, mainly in its MSMB segment.
“Our top priority, ‘Winning in MSMBs,’ posted remarkable growth. We achieved a notable increase in MSMB TPV both annually and in the fourth quarter, showing an acceleration from the previous period. Our banking services also recorded impressive growth, with deposits reaching R$ 6.1 billion by the end of December, a significant increase from 2022. This growth not only reflects higher engagement but also a better conversion of TPV into deposits,” said Pedro Zinner, CEO of StoneCo.
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STNE Price Action: According to Benzinga Pro, StoneCo shares are down 8.01% after-hours at $16.07 at the time of publication.
Photo: Gerd Altmann from Pixabay
Posted In: STNE
