StoneCo Ltd. reported strong financial results for the first quarter of 2024, with adjusted net income reaching R$ 450 million, a 90% increase compared to the same period last year. The company’s total revenue saw a 14% year-over-year growth, reaching R$ 3.1 billion. Adjusted EBT also showed significant improvement, with a 75% increase compared to the first quarter of 2023, totaling R$ 568 million.
One of the key drivers of growth for StoneCo was the financial services segment, which saw revenue of R$ 2.7 billion in 1Q24, a 16% increase over the previous year. Total Processed Volume (TPV) of SME clients grew by 24% annually, including PIX P2M processed volume. This growth was supported by a 15 bps increase in take rate, driven by the strong performance of the company’s financial platform solutions. StoneCo’s SME customer base expanded by 33% on an annual basis, reaching 3.7 million active customers.
Additionally, StoneCo’s banking platform experienced growth in the first quarter, with deposits reaching R$ 6 billion, a 53% increase compared to the same period in 2023. The credit solution also showed robust growth, with working capital increasing by 72% quarter over quarter, reaching a portfolio of R$ 532 million.
In the software segment, StoneCo continued its integration strategy with a focus on priority verticals. Software revenue grew by 3% year over year, and Adjusted EBITDA reached R$ 66 million in 1Q24, with a margin of 17.8%. This is a significant improvement over the previous year, with Adjusted EBITDA of R$ 40 million and a margin of 11.1% in 1Q23.
CEO Peter Zinner expressed optimism for the rest of the year, stating that the first quarter results are a strong indicator of the company’s strategic evolution and solid performance. He emphasized the healthy growth in TPV and the significant increase in take rate, which reflects StoneCo’s commitment to engaging with customers and delivering comprehensive product bundles across payments, banking, credit, and software platforms.
Overall, StoneCo’s strong profitability growth in the first quarter demonstrates the company’s dedication to building a consistent and solid business foundation. With a focus on innovation and customer-centric solutions, StoneCo is well-positioned for continued success in the evolving financial services landscape.
(Source: StoneCo Ltd.)
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