Nu Holdings Reports Better-Than-Expected Q1 Revenue
Portfolio Pulse from Erica Kollmann
Nu Holdings Ltd. (NYSE:NU) reported Q1 revenue of $2.7 billion, surpassing analyst expectations and marking a 66.77% increase from the previous year. The company added 5.5 million customers, reaching 99.3 million globally. Nu Holdings' Nubank surpassed 100 million customers in May. The company's diverse financial products have seen significant customer growth. CEO David Vélez highlighted a 23% return-on-equity and growth in net income to $379 million. NU shares saw a 1.49% increase at market close but dropped 1.99% after-hours.
May 14, 2024 | 8:43 pm
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NEUTRAL IMPACT
Nu Holdings reported a significant Q1 revenue beat and customer growth, with shares experiencing volatility post-earnings announcement.
The positive earnings report and significant year-over-year growth indicate strong company performance, which typically supports a positive outlook for the stock. However, the after-hours price drop suggests market uncertainty or profit-taking, leading to a neutral short-term impact assessment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100