Shares of Brazilian fintech PagSeguro Digital (NYSE: PAGS) were plummeting on Wednesday, declining about 18% as of 1:28 p.m. ET.
The company, which is a payments processor for small and medium-sized merchants in Brazil, as well as a digital bank for Brazilian merchants and consumers alike, reported third-quarter earnings today. Apparently, Wall Street wasn't enthusiastic about the results, despite some bright spots in the report.
In the third quarter, PagSeguro's revenue rose 45% to just over 4 billion reals, which seems like a strong result, given all of the economic headwinds in Brazil and across the world.
For further details see:Why PagSeguro Plunged Today