The shares of the first Uruguayan unicorn hit an all-time low, a day after it reported a 50.1% drop in profits.
The actions of dLocalthe first Uruguayan unicorn, plummeted 26.36% this Wednesday and reached $10, after reaching a historic low of less than $9.29 at the opening of the regular market, Reuters reported, after reporting the day before a drop in its first quarter net profit by half.
The financial technology company’s net profit in the first quarter was $17.7 million, 50.1% less than a year ago, mainly affected by a decline in profit ebitda —English acronym— (earnings before interest, taxes, depreciation and amortization).
The decline in EBITDA profit, which was confirmed this Tuesday, was caused by the pressure of higher corporate expenses, as well as higher tax rates, he explained. dLocal in your report.
On the other hand, the company’s revenue increased 34% compared to the same quarter last year, reaching $184 million. However, the figure showed a decline of 2% in comparison to the last three months of 2023, largely explained by seasonal factors, according to the results report itself.
dLocalnoted that its quarterly ebitda profits reached $37 million, that is, a decrease of 19% year-on-year and a drop of 25% compared to the fourth quarter of 2023.
Likewise, the Uruguayan fintech reported that quarterly payment volumes grew 49% year-on-year to $5.3 billion; while operating profit stood at almost 27 million dollars, that is, a year-on-year decrease of 32%, generated by a lower gross profit and a 60% increase in operating expenses.
Source: Ambito
