May 14 (Reuters) – Payments provider dLocal on Thursday reported a 10% dip in its first-quarter net profit missing analyst estimates as a one-off tax charge and higher expenses offset a surge in payment volumes.
Net profit for the period hit $41.9 million, falling short of the $48.9 million expected by analysts. The company said the results were hit by a $9.7 million tax adjustment related to installment products and costs from a recent investment cycle.
However, revenue for Uruguay’s first unicorn, a company to publicly list for more than $1 billion, jumped 55% to $335.9 million, topping the $333.1 million forecast. Total payment volume (TPV) surged 73% to $14.1 billion, up from $8.1 billion a year earlier.
DLocal, which facilitates transactions for merchants including Amazon, Uber and Spotify, operates across more than 40 emerging markets and earns the bulk of its income in Latin America, notably Brazil, Mexico and Argentina, but also in Africa and Asia.
(Reporting by Natalia Siniawski; Editing by Brendan O’Boyle)
