2023-08-17 18:27:45
Stone’s stock is down nearly 8% today, despite the company posting a quarter that analysts called above consensus.
One cause of the fall may be linked to the implosion of Adyen, the European means of payment giant, which lost more than 38% of its market value today on the Amsterdam Stock Exchange.
But the endogenous factor that most caught the market’s attention was an increase in the number of shares reported by Stone, which reduced earnings per share.
The number of shares reported in Q2 was 341 million compared to 324 million last quarter. This increase of 16 million shares made Stone’s earnings per share at R$ 0.94 — 7% below BTG’s estimate and 2% below Citi’s.
The increase, however, was a typo, a source familiar with the matter told the Brazil Journal, adding that the company is preparing a correction that will come out momentarily.
After the correction, Stone’s earnings per share for the quarter will be R$0.98, 15% above the market consensus of R$0.85.
Stone reported a strong second quarter, beating its guidance for both EBT and revenue. The company delivered an EBT of R$447 million, compared to guidance of R$375 million. Revenue came in 3% above the guidance, at R$ 2.9 billion.
The company was also able to reduce its cost to serve. Expenditure as a proportion of revenue fell 2.7 percentage points on a sequential basis and 4 points on an annual basis.
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