Financial PerformanceShares of DLocal are down sharply as 4Q results had a lower gross profit take rate, and guidance was light on GP/GP take rate/adj. EBITDA.
Market VolatilityRisks to the investment thesis include emerging markets volatility and regulatory and compliance challenges.
Revenue GrowthRevenue take rate and gross take rate contracted sequentially, coming well below consensus, and expenses grew more than expected.