StoneCo Delivers a Surprisingly Strong Q1 Showing
The situation in South America's largest economy is bad and growing worse. Brazil now has the second-highest number of COVID-19 cases in the world (trailing only the U.S.), confirmed deaths from the coronavirus are on the rise, and the government's response, led by President Jair Bolsonaro, has been anything but consistent.
The U.S. has put travel restrictions in place for the country. Yet even with Brazil's economy heading downhill, StoneCo (NASDAQ: STNE) -- which Warren Buffett and Berkshire Hathaway own a roughly 5% stake in -- is still executing on its growth strategy.
The disruptive digital payments and e-commerce services company's first-quarter results were exceptionally good ... up until mid-March when the wheels started coming off the global economic wagon. But its business has since started to rally, which was more than welcome news for shareholders.
Source Fool.com
