12:08 PM EDT, 05/14/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

StoneCo ( STNE ) shares fell more than 9% in recent trading on Tuesday after its Q1 results fell short of market expectations.

The company reported Q1 adjusted net income late Monday of 1.42 Brazilian reais ($0.28) per diluted share, up from 0.75 reais a year earlier.

Analysts polled by Capital IQ expected 1.44 reais.

Revenue for the quarter ended March 31 was 3.08 billion reais, up from 2.71 billion reais a year earlier.

Analysts expected 3.11 billion reais.

For 2024, the company reiterated its outlook expecting adjusted net income of around 1.9 billion reais. Analysts are looking for 2.11 billion reais.

Price: 15.03, Change: -1.63, Percent Change: -9.76