PagSeguro Digital came into this earnings print with a stock that has been drifting lower, down about 3% over the past three months, and the market clipped another 1.9% off the share price today. That reaction sits awkwardly against the core headline. The company posted recurring non GAAP net income of R$576 million in the quarter and an annualized non GAAP return on equity of 15.6%. For a Brazilian fintech built on payments, deposits and credit, profitability rather than raw top line growth is the story investors need to focus on next.

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