SAO PAULO, Nov 10 (Reuters) – Brazilian financial tech firm StoneCo saw its adjusted net profit in the third quarter more than quadruple, it reported on Friday, landing above analysts’ estimates off the back of solid growth in its financial services segment.
The company’s adjusted net profit came in at 435 million reais ($88.56 million), while analysts polled by LSEG expected 362.7 million reais.
“This quarter’s strong results demonstrate discipline and focus in executing our strategy,” said Chief Executive Pedro Zinner, adding the firm showed “consistent” growth and was looking to further consolidate its services going forward.
The firm reported revenue of 3.1 billion reais, in line with estimates and up 25.2% year-on-year, boosted by a 29% increase in revenues from its financial services segment, the firm’s main business.
Stone’s payments processed (TPV) in the micro-, small- and medium-sized companies segment totaled 89.6 billion reais, up 20% from a year earlier and above the firm’s top-end projection of 88 billion reais.
Its take-rate for the segment stood at 2.49% in the three months ended in September, compared with 2.48% in the previous quarter. ($1 = 4.9120 reais) (Reporting by Andre Romani; Writing by Peter Frontini; Editing by Kylie Madry)
