The shares of StoneCo Ltd. STNE surged in the after-hours session on Tuesday, as the Brazilian financial technology company reported earnings for its first quarter ending March.
Q1 Earnings
StoneCo posted a total revenue of $134 million, up 33% from the $100.2 million reported in the same quarter a year ago.
The earnings per share for the quarter stood at 11 cents, slightly lower than the 12 cents EPS posted a year ago.
StoneCo said total payment volume increased 42.1% year-on-year to $7 billion, giving investors a cause for optimism.
It further noted that the TPV had increased 52% YoY by mid-March, before being impacted by the novel coronavirus (COVID-19) pandemic.
The lockdowns imposed to curb the spread of the virus forced many of its clients to suspend operations, either partially or completely, according to StoneCo.
Warren Buffet's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) holds a stake in the fintech company.
Price Action
StoneCo shares traded 27.3% higher in the after-hours session at $34, after closing the regular session 9.2% higher at $26.70.
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