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Brazil's Cielo reports lower than expected Q3 income

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Reuters
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Brazil's largest card processor Cielo SA posted on Tuesday a lower-than-expected net income in the third quarter, as the company sacrificed profitability for volumes.

SAO PAULO, Oct 29 (Reuters) - Brazil's largest card processor Cielo SA CIEL3.SA posted on Tuesday a lower-than-expected net income in the third quarter, as the company sacrificed profitability for volumes.

Cielo posted a profit of 358 million reais in the third quarter, missing analysts' estimates of 376.6 million reais and down 50% from the same period a year earlier.

(Reporting by Tatiana Bautzer and Carolina Mandl Editing by Chris Reese)

((tatiana.bautzer@tr.com; Tel: +55-11-5644-7756; Mob: +55-119-4210-4173; Reuters Messaging: tatiana.bautzer.thomsonreuters.com@reuters.net))

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