Nu Holdings (NYSE:NU) stock is on the rise Tuesday as investors react to news of SoftBank (OTCMKTS:SFTBY) taking a stake in the Latin American banking company.
SoftBank took out a massive stake in NU stock, buying 22 million shares. This comes well after SoftBank was listed as a pre-initial public offering (IPO) investor in the company, although SoftBank hadn’t listed Nu among its holdings until today.
That’s not the only news helping out NU stock today, however. The company also released its earnings report for the second quarter of 2022 after markets closed on Monday.
This earnings report included revenue of $1.2 billion, beating out the $1.04 billion that Wall Street had expected. That’s a 230% increase year-over-year (YOY). Nu Holdings did not release earnings per share (EPS) in its report, however.
David Vélez, founder and CEO of Nu, said the following in the earnings report.
“We had another very strong quarter, with growth and profitability in our core business. We registered record revenues and are making huge strides towards becoming a multi-product and multi-country platform.”
The SoftBank and earnings news today has NU stock seeing heavy trading. As of this writing, more than 67 million shares of the stock have changed hands. That’s a major increase over the company’s daily average trading volume of about 31.5 million.
NU stock is up 20% as of Tuesday afternoon.
There’s more recent stock market news traders will want to know about below!
We’ve got all the latest stock news traders need to know about for Tuesday! That includes why shares of Carvana (NYSE:CVNA), Gilead Sciences (NASDAQ:GILD) and AMTD Idea (NYSE:AMTD) stock are in the news today. You can find out more on these matters at the following links!
More Tuesday Stock Market News
- Bill Gates Is Betting Big on Carvana (CVNA) Stock. Here’s Why.
- What Is Going on With Gilead Sciences (GILD) Stock Today?
- Why Is AMTD Idea (AMTD) Stock Up 30% Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.