Nu Holdings Shares Up 11% After Hours as It Sees Customer Growth in 2Q

Dow Jones2022-08-16

By Kathryn Hardison

Nu Holdings Ltd. shares rose 11% to $5.20 in after-hours trading on Monday after it said it grew its customer base in the second quarter across Brazil, Mexico and Colombia, which helped drive revenue.

Revenue reached $1.2 billion for the quarter. The company said the growth comes as the company upsells and cross-sells its expanding portfolio of financial products to its 65.3 million customers, up 57% from a year ago.

Chief Executive David Vélez said the company's largest operation, in Brazil, is now profitable after recording a net profit of $13 million in the first half of the year.

Nu Holdings' Nubank, whose investors include Berkshire Hathaway Inc., was slated to have the fifth-largest initial public offering of last year in the U.S. based on the amount to be raised, according to The Wall Street Journal. At the time, Nubank said it planned to use its proceeds to fuel its growth in Brazil, Colombia and Mexico.

Write to Kathryn Hardison at kathryn.hardison@wsj.com

$(END)$ Dow Jones Newswires

August 15, 2022 18:35 ET (22:35 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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SamTan
2022-11-09
SamTan
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2022-08-16
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