Warren Buffett-Backed Nu Holdings Slides On Q4 Earnings: The Details

Nu Holdings Ltd NU reported fourth-quarter financial results Thursday after the market close. Here’s a look at the key metrics from the quarter.

What To Know: Nu Holdings reported fourth-quarter revenue of $2.4 billion, up 57% compared to the prior year’s quarter. The company reported fourth-quarter net income of $360.9 million.

Nu Holdings said it added 4.8 million customers in the fourth quarter, bringing total customers up to 93.9 million as of Dec. 31. Monthly average revenue per active customer increased 23% year-over-year to $10.60.

Nu holdings said total deposits increased 38% year-over-year to $23.7 billion. The Brazilian bank ended the quarter with $8.2 billion in its interest-earning portfolio.

“As we work towards surpassing the 100 million customers milestone in 2024, we are investing heavily in new growth avenues to keep transforming potential into profit,” said David Vélez, founder and CEO of Nubank.

“We are unlocking the untapped opportunity of our secured and unsecured lending portfolio, gaining share in the upmarket segment in Brazil, and strengthening our presence in Mexico and Colombia with new products and features.”

It’s worth noting that Berkshire Hathaway co-founder, chairman and CEO Warren Buffett maintains a stake in Nu Holdings.

Management will hold a conference call to discuss these results at 5 p.m. ET.

From Last Month: ‘I Think You Have A Winner, And It Is Just On Fire’: Jim Cramer On This Brazilian Stock

NU Price Action: Nu Holdings shares were down 5.31% at $9.80 after-hours Thursday at publication, according to Benzinga Pro.

Photo: 3844328 from Pixabay.