April 28, 2020 / 11:25 PM / 4 months ago

Brazil's Cielo posts 69% drop in Q1 net income, misses estimates

SAO PAULO, April 28 (Reuters) - Brazilian card services company Cielo SA missed estimates with a 69% drop in net income for the first quarter.

Cielo’s net income was 167 million reais ($30.38 million), below a Refinitiv analyst consensus of 213 million reais.

Earnings before interest, tax, depreciation and amortization, or EBITDA, was 574 million reais, down 31% over the same period a year earlier and below Refinitiv analyst consensus of 693 million reais. ($1 = 5.4969 reais) (Reporting by Aluisio Alves, writing by Tatiana Bautzer; Editing by Himani Sarkar)

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