Why Nu Stock Soared 29% in February
Shares of Nu Holdings (NYSE: NU) stock moved 29% higher in February according to data provided by S&P Global Market Intelligence. Investors were pleased with the progress reported in the 2023 fourth-quarter update, and they're excited about what the future holds.
Nu has been reporting incredible results pretty much since going public. It's an all-digital bank based in Brazil, and it's focused on low-fee, easy-to-use products and services. These have become extremely popular, and Nu is growing by leaps and bounds. It has also expanded to Mexico and Colombia, which are both still small parts of the business but growing quickly.
It added another 4.8 million customers in the 2023 fourth quarter for a total of almost 94 million, with 53% of the adult population in Brazil as account holders. The activity rate increased to 83%, which means it has an engaged customer base. Revenue increased 57% year over year, and net income increased almost 500% to $361 million.
Source Fool.com
