Why is StoneCo stock crashing today

StoneCo company reported its earnings today and the stock lost more than $10 per share. Each share of StoneCo (STNE) was selling for $31.66 per share at the stock market close today November 17, 2021.  Now, StoneCo shares are selling for $20.70 aftermarket and that’s a 34% loss.

The third-quarter earnings caused the stock to plummet. The revenue was off by about 1.47 billion Brazilian Reais, that about $279 million US dollars; a 57 % year over year increase.

Keynotes

• 1.26 billion Net loss due to a write-down of fair value investment.
• 133 million reais which is $24.1 million

StoneCo is a company that services its customers through payment and management tools, flexible financial products. StoneCo is down 67% for the year and Berkshire firm owns the stock and they did not buy more share even a such a low price in their recent 13f disclosure.