the uruguayan unicorn dLocal submitted his report on financial results of the first trimester of this year, where he recorded Profits by $35.5 millionalmost 83% more than in the previous quarter, where the great debacle of its shares of the order of 50% occurred, due to a lapidary report by Muddy Waters Capital.
In the last quarter of 2022, the earnings were – despite everything – 19.4 million dollars. In turn, in the year-on-year comparisonthat is, compared to the first three months of last year, the increase is 35%given that in that period the amount reached 26.3 million dollars.
“Our results for the first quarter of 2023 demonstrate, once again, our ability to consistently deliver strong dollar growth across all key metrics,” said its CEO, Sebastian Kanovich.
On the other hand, the report indicates that the Gross profit between January and March of this year reached $61.8 milliona 42% YoY increase.
Much of it was driven by a reduction of the financial cost of the coverages due to less exposure and higher interest income. In parallel, dLocal followed the path of increase cash position and cash equivalents.
It remains to be seen tomorrow and in the next week what will be the reaction of the markets to these results. As of Thursday’s close, the Actions of the Uruguayan fintech in the NYSE they traded at $14.2 each one, a 33% less than before the collapse on November 16. In the first quarter, stocks had a basic utility of $0.12.
dLocal posted a 57% increase in revenue and Africa was key
The skyrocketing of earnings in recent months was strongly influenced by the huge increase in revenue for the company, which added $137.3 million, what it meant a year-over-year increase of 57%, compared to $87.5 million for the same period in 2022.
Part of this impulse responds to the considerable expansion that the company carried out in Africa, particularly in Nigeria. There, the company generated revenues of $26.9 million, the highest among countries.
On the other hand, the company highlighted the evolution of the total payment volume (TPV)which reached a record $3.6 billion in the first quarter, a 70% more compared to the same period last year and 8% more based on the last three months of 2022.
In addition, the report indicated that in the last period, dLocal allocated $36.9 million in share buyback program; and that increased its workforce by 36% year after year until it reached 763 employees. “We have consistently maintained a EBITDA adjusted on gross profit greater than 70% in the last nine quarters,” added Kanovich.
Source: Ambito
