SAO PAULO (Reuters) - Brazilian financial technology firm PagSeguro Digital on Thursday posted a better-than-expected 6% increase in its first-quarter profit, which the company said was boosted by payment processing revenue.
The New York listed-firm posted net profits of 370 million reais ($73.95 million), while analysts surveyed by Refinitv expected profits of 344 million reais.
"This past quarter, we saw strong growth in payment processing revenues, due to market share gains in key segments," said CEO Alexandre Magnani in a statement. He also highlighted a positive carry over from repricing of payment processing services conducted last year and interest income from the company's financial services.
The firm, which is also launching a formal rebranding as Pagbank on Thursday, reported that net revenue during the first three months of this year grew 9% from the same period last year to reach 3.75 billion reais, slightly below analysts estimate of 3.84 billion reais.
Total payment volume (TPV) for its payments arm totaled 88.1 billion reais, up 10% from the first three months of 2022.
($1 = 5.0033 reais)