Breaking News
May 16, 2023
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Nu Holdings Ltd increased 5.7% to $6.42 after the fintech company reported first-quarter revenue of $1.6 billion and adjusted earnings of $182.4 million.
Brazil-based online bank said revenue in the first quarter increased 85% to $1.6 billion from $877.2 million and the company swung to a net income of $141.8 million from a loss of $45.1 million a year ago.
The company added 4.5 million customers on its digital platform in the quarter and reached a total of 79.1 million. In Brazil, the company added 1.5 million net new customers on its digital platform.
Deposits in the quarter increased 34% on currency neutral basis to $15.8 billion and total loans surged 54% to $12.8 billion.
Net interest margin increased 2.2 percentage points and 7.2 percentage points from the previous year to a record high of 15.7%.
Nu's customers in Brazil now account for 46% of the country’s adult population, versus 44% in the previous quarter and in Mexico increased 52% to 3.2 million and in Colombia soared 200% to 635,000.
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Home Depot Inc decreased 2.2% to $282.54 after the home improvement retailer said fiscal year revenue is expected to decline.
The home improvement chain blamed the sale decline on softening of lumber prices and poor weather conditions in several parts of the U.S.
Home Depot forecasted same store and comparable sales in 2023 to decrease between 2% and 5%.
Sales in the first quarter decreased 4.2% to $37.3 billion and comparable sales declined 4.5% and in the U.S. store fell 4.6%, operating margin rate between 14.0% and 14.3% and diluted earnings per share to fall between 7.0% and 13.0% a year ago.
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