Nu Holdings Ltd. (NYSE: NU) shares soared over 18% to $5.52 in trade on August 16 following the release of a quarterly report. The firm claimed considerable growth in the number of users and their expenditure on the platform.
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Nu Holdings’ financial services sales increased more than 230% to $1.2 billion in the fourth quarter, above Wall Street projections by around $300 million. The user base increased by 57% year on year to more than 65 million.
At the same time, revenue per client increased by 105% year on year to $7.8. This indicates that people are becoming more active in the Nu Holdings ecosystem and using more than one of the company’s services.
Management at Nu Holdings reported a net income of $13 million in the second quarter. The gross profit was $363 million, a 109% increase year on year.
Nu Holdings’ primary objective at this point is to develop its operations in Brazil while also expanding into other markets. Management feels that the firm took a significant stride toward becoming a multifunctional worldwide payment platform in the most recent reporting quarter.
SoftBank, a major Japanese company, confirmed this week that it owned $22 million in Nu Holdings stock. Rua California Ltd, Sequoia Capital, DST, Tencent, and Tiger Global Private Investment Partners IX are also shareholders.
Nu Holdings was created over 10 years ago and specialized in providing plastic cards that could be handled via an app. Currently, the organization offers spending management via debit and credit cards, savings, investment, loans, and insurance.
Nu Holdings Ltd. (NYSE: NU) shares are down -41.15% year to date (YTD) and are up 17.95% or $0.84 in the most recent trading session. The stock is down -36.41% in the last six months and up 26.90% in the last three months. When we look at the shorter timeframe, the week performance is up 29.88% and the month performance is up 41.90%.
