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Motley Fool
Why Shares of StoneCo Crashed This Week
Shares of the Brazilian fintech company StoneCo (NASDAQ: STNE) plummeted more than 36% this week, as of market close Thursday, after StoneCo reported earnings results for the third quarter of 2021 that were not well received by the market. StoneCo reported a net loss equivalent to $230 million on total revenue equivalent to roughly $270 million. On an adjusted basis, StoneCo reported the equivalent of a roughly $24 million profit, which missed analyst expectations for adjusted net income.
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