NU Holdings（NU）股票价格下跌17.2％。

数字银行公司NU Holdings（NYSE：NU）在发布其第四季度的收益报告后，周五交易中的股价下降了多达17.2％，这表明结果不同，并引起了投资者对未来增长前景的关注。

Digital banking company Nu Holdings (NYSE: NU) stock price dropped as much as 17.2% in Friday trading after the company reported mixed fourth-quarter results that left investors questioning the company’s future growth prospects.

数字银行公司NU Holdings（NYSE：NU）股价在周五的交易中下跌了多达17.2％，此前该公司报告了第四季度的结果混合的结果，这使投资者质疑该公司的未来增长前景。

The fintech giant reported Q4 revenue of $2.99 billion, missing Wall Street's expected $3.17 billion. While the company matched earnings predictions with non-GAAP earnings of $0.12 per share, the revenue miss and guidance for increased investment spending in 2025 triggered a sharp market reaction.

这家金融科技巨头报告说，第四季度的收入为29.9亿美元，缺少华尔街的预期31.7亿美元。尽管该公司将收益预测与每股0.12美元的非GAAP收益相匹配，但2025年增加投资支出的收入失误和指导引发了市场反应。

Despite the market’s negative response, Nu’s customer base continued to show robust growth. The company reported 114.2 million customers at the end of 2024, a 22% increase from the previous year. This expansion included notable gains in key markets, with Mexico surpassing 10 million customers and Colombia reaching 2.5 million.

尽管市场反应负面反应，但NU的客户群继续表现出强劲的增长。该公司在2024年底报告了1.12亿客户，比上一年增长了22％。这一扩展包括在主要市场中取得的显着收益，墨西哥超过1000万客户，哥伦比亚达到250万。

Purchase volume also showed positive momentum, rising to $32.2 billion in Q4 from $30.9 billion in Q3, exceeding market expectations. However, this increase in transaction volume did not translate into proportional revenue growth, raising questions about the company’s pricing power.

购买量还显示出积极的势头，在第三季度的309亿美元中，第4季度的势头增长到322亿美元，超出了市场预期。但是，交易量的增加并未转化为比例的收入增长，从而引发了有关公司定价能力的问题。

For the full year 2024, Nu posted impressive growth metrics, with total revenue reaching $11.5 billion, marking a 58% increase from 2023. The company’s net income nearly doubled to $2 billion, demonstrating its ability to scale profitably despite competitive pressures.

在2024年全年，NU发布了令人印象深刻的增长指标，总收入达到115亿美元，比2023年增加了58％。该公司的净收入几乎翻了一番，达到20亿美元，表明尽管有竞争性压力，但其净收入能力赚钱。

A key concern emerging from the earnings report was the decline in net interest margins (NIM), which fell by 70 basis points to 17.7%. This compression was attributed to foreign exchange fluctuations and the company’s strategic shift toward lower-risk loans.

收益报告中出现的一个关键问题是净利率利润率下降（NIM）下降了70个基点，至17.7％。这种压缩归因于外汇波动以及公司向低风险贷款的战略转变。

Lending Portfolio GrowthThe company’s secured lending portfolio demonstrated exceptional growth, increasing by 615% year-over-year. This rapid expansion in secured lending reflects Nu’s efforts to diversify its product offerings and build a more stable revenue base.

贷款投资组合增长公司的确保贷款投资组合表现出非凡的增长，同比增长615％。有抵押贷款的这种快速扩张反映了NU为多样化其产品多样化并建立更稳定的收入基础的努力。

Monthly activity rates showed a slight decline to 83.1%, which the company attributed to its rapid expansion into newer markets where customer engagement typically starts lower and builds over time.

每月的活动率显示出略有下降至83.1％，该公司归因于其迅速扩展到新的市场，在这些市场中，客户参与通常开始较低并随着时间的推移而建造。

Nu has achieved a notable milestone in Brazil, becoming the country’s third-largest financial institution by customer count. The company continues to strengthen its ecosystem through new services like NuTravel and NuCel, indicating ongoing efforts to diversify revenue streams.

NU在巴西取得了一个著名的里程碑，根据客户数量成为该国的第三大金融机构。该公司继续通过Nutravel和Nucel等新服务来增强其生态系统，这表明正在进行的努力使收入流多样化。

CEO David Vélez announced that 2025 would be “another big investment year” for the company, focusing on expanding infrastructure and customer base in Brazilian, Mexican, and Colombian markets. This strategic decision, while potentially beneficial for long-term growth, may impact near-term profitability.

首席执行官DavidVélez宣布，2025年将是该公司的“另一个重要投资年份”，重点是扩大巴西，墨西哥和哥伦比亚市场的基础设施和客户群。这一战略决策虽然可能对长期增长有益，但可能会影响近期盈利能力。

The company maintains a strong financial position with a 29% annualized return on equity, placing it among the most profitable fintech companies globally. Asset quality metrics have shown improvement, supported by a disciplined cost structure.

该公司的财务状况保持稳定，股本的年龄为29％，将其置于全球最有利可图的金融科技公司中。资产质量指标已显示出改进，并得到了纪律处分的成本结构的支持。

Revenue Growth SlowsRevenue growth in the fourth quarter slowed to 24.6% year-over-year, marking the lowest growth rate in recent years. This deceleration, combined with margin pressures, has contributed to investor concerns about the sustainability of Nu’s high-growth trajectory.

第四季度的收入增长趋于增长，同比增长24.6％，标志着近年来增长率最低。这种减速以及利润压力加剧了投资者对NU高增长轨迹可持续性的关注。

The market reaction reflects growing scrutiny of Nu’s ability to balance rapid expansion with profitability. While the company continues to add customers at a brisk pace, investors appear increasingly focused on margins and revenue per customer metrics.

市场反应反映了NU平衡快速扩张与盈利能力的能力的审查。尽管该公司继续以快速的速度增加客户，但投资者似乎越来越专注于每个客户指标的利润和收入。

Currency fluctuations remain a challenge for Nu, as foreign exchange movements impact the company’s financial results and create additional complexity in managing international operations.

货币波动仍然是NU的挑战，因为外汇运动会影响公司的财务业绩，并在管理国际运营方面创造了额外的复杂性。

The latest quarterly results show Nu’s success in building scale and market presence, but also highlight the challenges of maintaining growth rates while adapting to changing market conditions and customer preferences.

最新的季度业绩表明，NU在建筑规模和市场业务方面取得了成功，但也强调了维持增长率的挑战，同时适应不断变化的市场状况和客户偏好。