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Nu Holdings Shares Drop 5% Despite Strong Q3 Results
Nov 14, 2024 12:40 PM - Davit Kirakosyan
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Nu Holdings (NYSE:NU), a leading digital financial services platform, delivered impressive third-quarter results that exceeded revenue expectations, but its shares dropped by 5% in pre-market today. The fintech powerhouse reported adjusted earnings per share of $0.11, aligning with analyst forecasts. Revenue surged 56% year-over-year, reaching $2.94 billion and surpassing the consensus estimate of $2.85 billion.
Nu’s global customer base grew by 5.2 million during the quarter, reaching 109.7 million, a 23% increase compared to the prior year. The company’s Monthly Average Revenue per Active Customer (ARPAC) rose 25% year-over-year to $11.0, reflecting strong engagement across its platform.
Net income for the quarter soared to $553.4 million, more than doubling from the same period last year, with an annualized return on equity (ROE) of 30%.
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