Update: XP Shares Drop Pre-Bell After Q1 Earnings, New CFO

MT Newswires Live05-19 17:44

(Updates with information about the CFO change in the headline and the first two paragraphs.)

XP (XP) shares were down 5.2% in premarket activity Tuesday after the company said late Monday that Gustavo Alejo Viviani will become its new chief financial officer starting Aug. 3.

Current CFO Victor Andreu Mansur Farinassi will step down on May 31 after more than 14 years with the company. XP CEO Thiago Maffra will serve as interim CFO until Alejo assumes the role, it said.

The company also reported Q1 adjusted earnings late Monday of 2.49 Brazilian reais ($0.50), up from 2.29 reais a year earlier.

Analysts polled by FactSet expected 2.56 reais.

Net revenue for the quarter was 4.73 billion reais, up from 4.39 billion reais a year earlier.

Analysts surveyed by FactSet expected 4.85 billion reais.

The company authorized a new share buyback program of up to 1 billion reais and set a dividend of $0.20 per share, payable June 18 to stockholders of record June 10.

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