Nu Holdings Reports Better-Than-Expected Q1 Revenue

Nu Holdings Ltd. (NYSE:NU) reported its first-quarter financial results after the bell Tuesday. Here's a look at the highlights. 

The Details: Nu Holdings reported quarterly revenue of $2.7 billion which beat the analyst consensus estimate of $2.49 billion by 8.28% and represents a 66.77% increase over revenue of $1.62 billion from the same period last year.

Nu Holdings added 5.5 million customers in the first quarter, reaching a total of 99.3 million customers globally, compared to 59.6 million only two years ago.

Nu Holdings’ Nubank said it surpassed the mark of 100 million customers in May with over 92 million customers in Brazil, 7 million in Mexico and around 1 million in Colombia.

The company reported credit cards, NuAccounts, and personal loans reaching approximately 41 million, 73 million, and 8 million active customers, respectively.

“Our results for the first quarter of 2024 show how our business model is also fuelled by expanding revenue and stable cost per customer, generating growth in revenue to $2.7 billion and in net income to $379 million. We printed a 23% return-on-equity for Nu Holdings, among best-in-class financial institutions in Latin America, even though our holding company continues to be over-capitalized and our operations in Mexico and Colombia are still in the early phases of getting to profitability,” said David Vélez, CEO of Nubank.

NU Price Action: According to Benzinga Pro, Nu Holdings shares were up 1.49% at $11.55 at market close Tuesday; shares are trading after-hours down 1.99% at $11.32.

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