StoneCo Ltd. (NASDAQ: STNE) stock surged by 5.45% at the last close whereas the STNE stock price declines by 4.49% in the after-hours trading session. As of now, there is no recent news available regarding this change in STNE share price. Stone is a leading provider of financial technology solutions that help retailers expand their businesses by enabling them to conduct transactions seamlessly through multiple platforms.
Important Upcoming Event
On Tuesday, June 1, 2021, StoneCo will hold a conference call to review its first quarter 2021 financial performance. After the market closes on the same day, a press release with financial reports for the first quarter of 2021 will be published.
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Past record of StoneCo
StoneCo tailors its goods in Brazil to meet customers who otherwise only use the currency. Although competitors such as MercadoLibre and PagSeguro will meet these consumers as well, StoneCo has a distinct competitive edge via personalized support and a “no bureaucracy” strategy that its competitors cannot match. It establishes localized hubs as required and rapidly recruits a sales force capable of personally integrating customers into StoneCo’s ecosystem.
Despite the devastation caused by COVID-19 in Brazil, StoneCo continued to raise sales for 2020 by 29% over the previous year. Increased marketing costs, technology costs, and consulting costs resulting from a merger cut into STNE’s earnings, resulting in a net income gain of 4% during that time frame. Investors should be aware that PagSeguro’s net profits dropped by 6% in 2020.
Furthermore, StoneCo added 172,000 additional customers, bringing the total number of customers to nearly 653,000. While PagSeguro reports that its service is used by 7 million retailers, StoneCo claims a higher overall payment rate (TPV). StoneCo had a TPV of 210 billion reais ($40.2 billion), while PagSeguro had a TPV of 162 billion reais ($31.0 billion).
StoneCo’s sales and net income increased by 63 percent and 164 percent in 2019, respectively, indicating that fast growth will return after the pandemic has passed.