Why Shares of XP Are Trading Higher Today

Shares of Brazilian investment management company XP (NASDAQ: XP) traded more than 14% higher as of 11:05 a.m. EDT today, after the company reported earnings for the first quarter of the year.

XP reported adjusted net income of $846 million Brazilian real ($156.9 million), more than doubling the profit it made in the first quarter of 2020. Net income also grew 17% from the previous quarter.

Total assets under custody grew to $715 billion Brazilian real, up 96% year over year, powered by $252 billion Brazilian real of inflows. The brokerage firm also reported adding 1 million active new customers in the first three months of the year.

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Source Fool.com