Nu Holdings Ltd. on Thursday reported second-quarter earnings that missed analyst expectations, though revenue exceeded forecasts.
The digital banking group, which operates as Nubank in Brazil and other Latin American markets, posted adjusted net income of $320 million, below the $350 million consensus estimate compiled by Refinitiv. Revenue totaled $2.6 billion, topping the $2.5 billion forecast.
Total transaction volume rose 41% year-over-year to $45 billion, while the customer base expanded to 83.7 million, up from 70.3 million in the same period last year. The company attributed growth to increased adoption of its credit card and digital banking services.
Nu Holdings also reaffirmed its full-year guidance, projecting adjusted net income of $1.4 billion to $1.6 billion and revenue between $10.5 billion and $11 billion. Analysts had expected net income of $1.5 billion and revenue of $10.8 billion for the full year.
Shares of Nu Holdings were down 3.5% in extended trading following the results. The stock has gained 15% year-to-date, underperforming the broader Latin American financial sector.
The company continues to expand its product offerings, including insurance and investment services, as it targets further market penetration across the region.
