Nu Holdings's Q3 profit bests estimate; shares rise
Quick Take
- Nu Holdings reported a surprise profit of $7.8 million in the third quarter. Analysts had expected a net loss of $9 million.
Nu Holdings reported a surprise net profit of $7.8 million, besting analyst expectations for a net loss of $9 million.
The Sao Paulo-based neobank's third-quarter revenue totaled $1.3 billion, topping the average analyst estimate of $1.24 billion as compiled by FactSet. Shares rose 11% in post-market trading.
NuCripto reached 1.3 million customers following its full rollout in July.
Nubank founder David Velez and CFO Guilherme Lago said during the earnings call that there is a "tremendous amount of interest" around cryptocurrencies, even during the current downturn.
Nu Holdings has more than 70 million users, the same as reported at the end of September.
Nubank plans to add a native loyalty token called Nucoin in 2023, built on the Ethereum scaling platform Polygon and tested with 2,000 initial users.
(Updates to add comment from earnings call.)
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.