StoneCo Plunges After Reporting Loss In Q3

Shares of financial technology solutions provider StoneCo Ltd. (STNE) are falling more than 30% on Wednesday morning after reporting loss in the third quarter.

The company reported net loss of $1.26 billion or 4.05 per basic share in the third quarter, compared with net income of $249.1 million or $0.87 per share a year ago.

Adjusted income was $132.7 million or $0.46 per share.

Total revenue and income was $1.469 billion in the third quarter, higher than 934.3 million last year.

STNE touched a new low of $21.80 this morning.

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