Nu Holdings: Q1 2024, Promising New Growth Avenues, But Not Now


  • Nu’s 1Q24 results were in line with market expectations, despite profits growing 167% YoY.
  • There may be a deterioration in credit quality, with delinquency rates rising.
  • Nu’s entry into the Brazilian telecom market could be a potential growth avenue for the company.

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Investment Thesis

I recommend holding Nu (NYSE:NU) shares after the 1Q24 results released on May 14th. Although the results were strong, with profits growing 167% year-on-year, the numbers did not exceed market expectations. Furthermore, there appears to be a deterioration in credit

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