Brazilian payments firm StoneCo Ltd. plunged the most on record after disappointing results in the third quarter cast further doubt on the company’s recovery.
The fintech, which counts Warren Buffett’s Berkshire Hathaway Inc. among its backers, posted an adjusted net income of 132.7 million reais ($24 million) for the quarter, falling short of the average analyst estimate of 207.8 million reais and down 54% from a year earlier. Results were hurt by higher funding costs amid Brazil’s sharp monetary tightening and by a jump in operating expenses as the firm steps up investments.
