Business
Stone's growth accelerates; company delivered its best first quarter ever, with adjusted net income of BRL237 million
The Company beat all lines of its 1Q23 guidance.Net revenue reached BRL 2.7 billion, 31% higher compared to 1Q22TPV for Micro, Small, and Medium Enterprises
About this update from Stoneco Ltd.
[{"type":"text","content":"The Company beat all lines of its 1Q23 guidance.Net revenue reached BRL 2.7 billion, 31% higher compared to 1Q22TPV for Micro, Small, and Medium Enterprises (MSME) reached BRL 78.9 billion, 25% higher compared to 1Q22Adjusted EBT (earnings before taxes) of BRL 324 million, 371% higher compared to 1Q22, and 22% above guidanceSÃO PAULO, May 17, 2023 /PRNewswire/ -- StoneCo Ltd. (Nasdaq: STNE) reported its best first quarter ever, with adjusted profit of BRL 237 million, up 456% over 1Q22. Revenue reached BRL 2.7 billion in 1Q23, up 31% year-on-year, exceeding the guidance by 4%. Cash generation was also a record, with BRL 4 billion in adjusted net cash, a BRL 499.2 million increase vs. previous quarter. Of the factors that contributed to the company's growth with profitability, we highlight the increase in the acquiring client's customer base, reaching 2.8 million, the increase of customer's engagement with the company's banking account, which reached 1.3 million active customers, strong MSME customers monetization, with a Take Rate of 2.39%, and increased operational efficiency, with costs and expenses growing less than revenues.\n\"These results consolidate our execution capacity. We are building a financial services platform with integrated solutions for our customers, which goes far beyond acquiring\", says Stone CEO, Pedro Zinner. \"The five priorities that the company set as a guide for 2023 - growth with profitability, cash generation, expanding financial services, evolving the software area, and optimizing costs and expenses - advanced in 1Q23, and we will maintain our focus throughout the year\", he adds.\nThe active customer base in the MSME segment grew by 47.4% in the annual comparison and 9.2% compared to 4Q22, with the addition of 231.9 thousand customers, reaching 2.758 million. The result was driven by Stone's offers for small and medium-sized businesses, and Ton, a solution for micro and small businesses. The total payments volume (TPV) for the segment was BRL 78.9 million in 1Q23, a 25% increase year on year, growing 2 times above the industry, according to data from ABECS (Brazilian Association of Companies of Credit Cards and Services).\nOn the banking platform, the highlight was the launch of \"Super Conta Ton\", with multiple benefits aimed at entrepreneurs and the self-employed, including money transferring ...