Net income for Uruguayan fintech dLocal down by half in first quarter
Adds EBITDA, forecast for revenue, background throughout
May 14 (Reuters) –Uruguayan digital payments company dLocal DLO.O on Tuesday reported its first quarter net income slid by 50.1% compared with the same period last year to total $17.7 million, the firm announced in a statement.
The fintech said revenues for the first three months of the year rose by 34% to reach $184 million, just below the nearly $190 million forecast by analysts polled by LSEG.
The Montevideo-based company operates across most of Latin America as well as parts of Africa and Asia for clients such as Google GOOGL.O and Amazon AMZN.O.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were down 19% to settle at $37 million, below the LSEG analyst forecast of about $48 million.
In March, the NASDAQ-listed firm forecast its total payment volumes for 2024 would increase up to 50% to hit a record $27 billion.
During the quarter, dLocal appointed Mark Ortiz, who previously worked at GE Capital, as its new chief financial officer.
Reporting by Marion Giraldo; Editing by Valentine Hilaire and Jonathan Oatis
