The stock rose as much as 272% but is up about 175% as of 1:25 p.m. ET. The tech stock's gain came on the day of its initial public offering (IPO). Given the way the stock is soaring, the market apparently thinks the IPO was underpriced. Read More...
Motley Fool
Why StoneCo Stock Fell Hard Today
Shares of StoneCo (NASDAQ: STNE), a cloud-based technology platform, plummeted Friday morning after the company reported its second-quarter results, which disappointed investors, and announced yet another shift to its management team. The company reported non-GAAP (adjusted) earnings of 0.25 Brazilian reals (equivalent to $0.05), which was an increase from a loss of 0.48 reals in the year-ago quarter, but was below Wall Street’s consensus estimate of about 0.57 reals, or $0.11 per share. StoneCo’s revenue in the quarter was 2.3 billion reals (about $442 million), 5% higher than the company’s guidance, and up 275% from the year-ago quarter.
