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UPDATE 1-Brazil's Cielo targets up to $691 mln profit in 2019, vs $883 mln in 2018 [Reuters]

Pagseguro Digital (PAGS)  More Company Research Source: Reuters
Last pagseguro digital earnings: 8/15 05:00 pm Check Earnings Report
US:NYSE Investor Relations: investors.pagseguro.com
PDF UPDATE 1-Brazil's Cielo targets up to $691 mln profit in 2019, vs $883 mln in 2018 | Reuters 2 Min Read (Adds more CEO comments, context, share price) By Carolina Mandl SAO PAULO, Jan 29 (Reuters) - Brazil’s Cielo SA is targeting profit of between 2.3 billion reais and 2.6 billion reais ($612 million to $691 million) this year, down from 3.3 billion reais ($883 million) in 2018, the card processor said in a securities filing on Tuesday. The company would currently rather grow or maintain its market share than seek profitability, Chief Executive Officer Paulo Caffarelli said during a conference call with journalists. He said profit was only likely to start growing in 2020. Still, the company will maintain a payout ratio of between 70 percent and 100 percent of its profit in 2019. In morning trading, Cielo shares were down 3 percent at 10.57 reais. Caffarelli’s statement underscores a shift in the strategy of the company, which has been losing market share to upstarts such as PagSeguro [Read more]
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