What's Going On With Nu Holdings Shares?

Nu Holdings Ltd NU shares are trading lower Wednesday. The stock traded higher earlier this week on the heels of the company's first-quarter results before pulling back.

What Happened: Nu said first-quarter revenue nearly doubled on a year-over-year basis to $1.6 billion, which beat consensus estimates of $1.54 billion, according to Benzinga Pro. The company reported profits of $141.8 million, significantly improved from a loss of $45.1 million in the comparable quarter.

Nu added 4.5 million customers during the quarter and 19.5 million year-over-year, bringing total customers up to 79.1 million globally. 

Monthly average revenue per active customer increased to $8.60, up 30% year-over-year. 

"We have an exceptional capital position and excess liquidity, operate a low-cost platform, and continue to increase our product portfolio and customer engagement," said David Vélez, founder and CEO of Nubank.

As previously reported by Benzinga, Berkshire Hathaway's Warren Buffett invested $500 million in Nubank in mid-2021 and added to the position right before the company went public.

See Also: US Dollar Hits 5-Week Peak As Debt Ceiling Concerns Drive Treasury Yields Upwards

NU Price Action: Nu Holdings shares traded up to $6.75 on the back of the company's quarterly results before pulling back.

The stock was down 2.13% at $5.97 at the time of publication, according to Benzinga Pro.

Photo: Lorenzo Cafaro from Pixabay.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsMoverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!