Fintech dLocal posts first-quarter profit down 10%

May 14 (Reuters) - ‌Payments provider ​dLocal ​on Thursday reported a 10% dip in its first-quarter net ‌profit missing analyst estimates as a ⁠one-off tax charge and higher expenses offset ‌a surge in payment ‌volumes.

Net profit for the period hit $41.9 million, falling short of the $48.9 ​million expected by analysts. The company said the results were ⁠hit by a $9.7 million tax adjustment related to installment ​products and costs from a recent investment cycle.

However, revenue for ​Uruguay's first unicorn, a ‌company to publicly list for more than $1 billion, jumped ⁠55% to $335.9 million, topping the $333.1 million forecast. Total payment volume (TPV) surged 73% to $14.1 ⁠billion, up from $8.1 billion a year earlier.

DLocal, ​which facilitates transactions for merchants including Amazon, Uber and Spotify, operates across more than ‌40 emerging markets and earns the bulk of its ‌income in Latin America, notably Brazil, ⁠Mexico and Argentina, ‌but also ​in Africa and Asia.

(Reporting by Natalia Siniawski; Editing by Brendan ‌O'Boyle)

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