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.

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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.)


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About Authors

Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.
Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.

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