The shares of StoneCo Ltd. (NASDAQ: STNE) surged in the after-hours session on Tuesday, as the Brazilian financial technology company reported earnings for its first quarter ending March.
StoneCo posted a total revenue of $134 million, up 33% from the $100.2 million reported in the same quarter a year ago.
The earnings per share for the quarter stood at 11 cents, slightly lower than the 12 cents EPS posted a year ago.
StoneCo said total payment volume increased 42.1% year-on-year to $7 billion, giving investors a cause for optimism.
It further noted that the TPV had increased 52% YoY by mid-March, before being impacted by the novel coronavirus (COVID-19) pandemic.
The lockdowns imposed to curb the spread of the virus forced many of its clients to suspend operations, either partially or completely, according to StoneCo.
StoneCo shares traded 27.3% higher in the after-hours session at $34, after closing the regular session 9.2% higher at $26.70.
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