StoneCo Ltd (NASDAQ:STNE) shares are trading significantly higher Friday morning after the company reported financial results.
StoneCo said fourth-quarter revenue increased 87% year-over-year to R$1.9 billion ($380 million). The company reported quarterly earnings of $0.026 per share, which was down from earnings of $0.23 year-over-year.
"Our aggressive commercial approach, combined with a challenging macro environment, impacted our profitability," the company said.
StoneCo said it added a record 378,000 new clients in the quarter, bringing total active clients to 1.8 million.
"With a renewed focus on our core strengths, a streamlined organizational structure and a seasoned executive team, we are positioned to execute on our strategies, continue our strong growth and expand our margins in 2022," StoneCo said.
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STNE 52-Week Range: $8.05 - $71.08
The stock was up 30.4% at $12.52 at time of publication.
Photo: rupixen from Pixabay.
