Brazilian card processor Cielo cancels 2019 profit guidance

SAO PAULO, May 24 (Reuters) - Brazilian card payment processor Cielo CIEL3.SA has canceled net profit guidance for 2019 it published in January without releasing any new guidance, the company said in a securities filing on Friday.

In January Cielo said it expected net profit in 2019 of between 2.3 billion and 2.6 billion reais ($646.56 million). Cielo said the decision to cancel the guidance reflects the competitive environment it is facing in Brazil, where many new entrants have started business recently.

($1 = 4.0213 reais)

(Reporting by Marcelo Teixeira Editing by James Dalgleish)

((; +55 11 5644 7707; Reuters Messaging: -

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.