Summary by Moomoo AI
StoneCo Ltd., a leading provider of financial technology solutions, reported its first quarter 2024 financial results on May 13, 2024. The company, listed on Nasdaq as STNE, showcased a significant year-over-year growth with its Adjusted EBT reaching R$568 million, a 75% increase, and Adjusted Net Income climbing 90% to R$450 million. This performance was driven by a 24% growth in MSMB TPV, including PIX P2M transactions. StoneCo's continuous business growth was highlighted by the launch of instant settlement to Ton clients and progress in its banking services, with approximately 80% of its payments active client base now using its bundled banking and payments solution. The software business also showed progress, with revenues growing organically in two digits. StoneCo's total revenue and income for the quarter reached R$3,084.9 million, marking a 13.8% increase year over year. The company remains committed to its 2024 and 2027 guidance provided during its Investor Day in November 2023.
