11:30 AM EDT, 05/22/2024 (MT Newswires) -- (Updates with share price movement in the headline and first paragraph.)

XP (XP) shares were down 12% in recent trading Wednesday, a day after the company posted Q1 earnings below consensus.

The company reported Q1 earnings late Tuesday of 1.85 Brazilian reais ($0.36) per diluted share, up from 1.48 reais a year earlier.

Analysts polled by Capital IQ expected 1.93 reais.

Gross revenue for the quarter was 4.27 billion reais, up from 3.33 billion reais a year earlier, while net revenue grew to 4.05 billion reais from 3.13 billion reais a year ago.

Analysts surveyed by Capital IQ expected revenue of 4.00 billion reais.

Price: 18.88, Change: -2.57, Percent Change: -11.98