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MONTEVIDEO - dLocal (NASDAQ:DLO), a prominent cross-border payments platform with a market capitalization of $2.8 billion, announced the upcoming departure of Chief Financial Officer Mark Ortiz due to health concerns. The announcement comes as the company’s stock has experienced significant volatility, declining about 14% year-to-date. Ortiz will remain in his position until the filing of the company’s 2024 annual report or until May 1, 2025, at the latest.
The company’s Board has named Jeffrey Brown as interim CFO while a search for a permanent replacement is underway. Brown, the current VP of Finance, has a rich background in finance, with previous roles at Bank of America and as CFO at Geopagos. According to InvestingPro data, dLocal maintains strong financial health with a current ratio of 1.58 and remains profitable with a gross margin of 39.5%.
dLocal CEO Pedro Arnt expressed gratitude for Ortiz’s contributions and reaffirmed the company’s support for his decision to prioritize his health. Ortiz, in turn, voiced his confidence in the leadership team and the company’s financial foundation, committing to assist with the transition as his health permits.
The firm reassures stakeholders of its dedication to its strategic plan and the creation of shareholder value, promising updates on the CFO search as they become available.
This announcement is based on a press release statement from dLocal.
In other recent news, DLocal Limited reported its fourth-quarter 2024 earnings, revealing a slight miss in earnings per share (EPS) and revenue compared to market expectations. The company posted an EPS of $0.10, falling short of the forecasted $0.14, and revenue came in at $204.5 million, slightly below the anticipated $204.88 million. Morgan Stanley responded by downgrading DLocal’s stock from Overweight to Equalweight, adjusting the price target to $10.00 due to weaker-than-expected Total Payment Volume (TPV) results. Despite these challenges, DLocal demonstrated strong operational growth with a 45% year-over-year increase in TPV, reaching $26 billion. The company also expanded its global footprint, securing nine new licenses, and reported a gross profit of $295 million with an adjusted EBITDA of $189 million. Analysts noted that DLocal’s guidance for 2025 appears slightly softer compared to consensus expectations, although the company anticipates sustained revenue growth driven by continued TPV expansion. During the earnings call, DLocal’s management highlighted the ongoing growth opportunities in emerging markets and the potential to increase its share of wallet with merchants.
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