Warren Buffett-Backed Bank Nu Holdings Posts Q3 Results: EPS In Line, Revenues Beat Estimates

Nu Holdings Ltd. NU reported its third-quarter results after Wednesday's closing bell. Here's a look at the details from the report. 

The Details: Nu Holdings reported quarterly earnings of 11 cents per share, in line with the analyst consensus estimate. Quarterly revenue came in at $2.94 billion which beat the analyst consensus estimate of $2.85 billion and is an increase over sales of $2.14 billion from the same period last year.

• Nu added 5.2 million customers in the quarter, reaching a total of 109.7 million customers globally by Sept. 30, 2024, reflecting a 23% year-over-year increase.
• Monthly Average Revenue per Active Customer (ARPAC) stands at $11 in the third quarter.
• Monthly Average Cost to Serve Per Active Customer remained below the one-dollar level at 70 cents per customer.

Read Next: Bitcoin Could Reach $1 Million By 2037, Economist Says: ‘Buy Of A Lifetime’ Opportunity

"Our third quarter 2024 underscores the strength of our business model, demonstrating top-line growth and sustained profitability. We reached $2.9 billion in revenue, driven by both customer acquisition — now reaching 110 million globally — and enhanced customer engagement through cross-selling and up-selling initiatives, alongside appealing product launches,” said David Vélez, founder and CEO of Nubank.

NU Price Action: According to Benzinga Pro, Nu Holdings shares are up 3.13% after-hours at $16.17 at the time of publication Wednesday.

Read More: 

• Trump’s Potential ‘Health Czar’ Robert F. Kennedy Jr. Rattles Vaccine Stocks: ‘Shoot First Reaction’

Photo: Courtesy of Nu Holdings, Ltd.