Benzinga - Nu Holdings Ltd (NYSE: NU) shares are trading higher Wednesday after the company reported fourth-quarter financial results.
What Happened: Nu Holdings reported fourth-quarter revenue of $1.45 billion, which missed average analyst estimates of $1.47 billion, according to Benzinga Pro. The company said full-year 2022 revenue increased 168% year-over-year, driven by the compounding effect of customer growth and higher levels of customer monetization in Brazil.
Nu Holdings said total customers reached 74.6 million after adding 4.2 million customers in the fourth quarter. Monthly average revenue per active customer came in at $8.20, representing 37% growth year-over-year.
"We reached a total of 75 million customers in Brazil, Mexico and Colombia, increasing engagement, cross-sell and up-sell –all to consolidate Nu's position as Brazil's fifth largest financial institution in terms of active customers," said David Vélez, founder and CEO of Nu Holdings.
"Despite the macroeconomic challenges of 2022, Nu was able to beat every key metric: maintained accelerated growth, gained share in products and markets, kept delinquency in check through superior credit underwriting, and improved operating leverage."
Nu Holdings also launched a new crypto trading platform and said it would allocate 1% of all of its cash to Bitcoin (CRYPTO: BTC).
Billionaire investor Warren Buffett purchased a $500 million stake in Nu Holdings in 2021.
Check This Out: Nu Holdings Q4 Earnings Highlights: Warren Buffett-Backed Digital Bank Sees Record Results, Growth In Latin America — Is Crypto Helping?
NU Price Action: Nu Holdings has a 52-week high of $11.83 and a 52-week low of $3.26.
The stock was up 6.8% at $5.34 at time of publication, according to Benzinga Pro.
Photo: Lorenzo Cafaro from Pixabay.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.