StoneCo Surges As Revenue Soars In Q1

(RTTNews) - Shares of financial technology and software solutions provider StoneCo Ltd. (STNE) are up more than 5% Friday morning after reporting more than 100% revenue growth in the first quarter.

Revenue grew 138.6% year-over-year in the first quarter to R$2.07 billion.

The company, however, reported net loss of R$313 million in the quarter, compared with profit of R$158.3 million a year ago, hurt by higher expenses.

Excluding one-time items, the company posted earnings of $132.2 million compared with $187.4 million a year ago.

Looking forward, the company expects total revenue and income to be between R$2.150 billion and R$2.200 billion in the second quarter, a year-over-year growth of between 148.3% and 154.1%.

STNE is at $11.02 currently. It has traded in the range of $6.81-$71.08 in the past 1 year.