August 2, 2017 / 3:56 PM / a year ago

Brazil's Cielo sees competition from smaller firms easing

SAO PAULO, Aug 2 (Reuters) - Competition from smaller payment processing firms in Brazil should ease soon, mitigating the impact of a declining base of point-of-sale machines amid a recession that has triggered massive store closures, executives at Cielo SA said on Wednesday.

In a conference call to discuss second-quarter results, Chief Executive Officer Eduardo Campozana Gouveia said competition from those smaller players remains “rational,” indicating stable processing fees.

Shares shed as much as 5.6 percent earlier in the day, after the company missed operational earnings estimates and acknowledged a bigger-than-expected drop in the base of POS machines.

Reporting by Guillermo Parra-Bernal

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