By Kylie Madry and Noe Torres
(Reuters) – Uruguayan payments firm dLocal posted a 73.5% increase in second-quarter net profit from the year before on Monday, hitting $30.7 million as payment volumes on its platform jumped by more than two-thirds.
Company revenue rose 71.6% to $101.2 million, beating the Refinitiv forecast of $98.53 million.
Dlocal’s revenue increase and a jump in total payment volumes come as the company adds new merchants and monetizes existing ones, Chief Executive Sebastian Kanovich said in a press release.
The company, which operates in 37 countries, continued expansion efforts in the second quarter, it said.
Revenue in the company’s Latin America segment grew 63% year-over-year, while more than doubling in its Africa and Asia segment, which accounts for a smaller percentage of its overall revenue.
Dlocal’s second-quarter adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 47.3% to $38.2 million.
Shares in the Uruguayan company, which is listed on the U.S. Nasdaq exchange, were down around 9% in after-hours trading after the market closed Monday. The trading price has fallen steadily in the months since dLocal went public last year, dropping 20% year-to-date.
(Reporting by Kylie Madry and Noe Torres; Editing by Brendan O’Boyle, Christian Plumb and Josie Kao)
