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.
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