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XP Inc. (NASDAQ:XP) stock with gap up to 6.3% in after-hours trading on Tuesday after the Brazilian investment manager reported second-quarter earnings that beat the Wall Street consensus as net inflows doubled during the quarter.
Second quarter GAAP EPS of R$2.03 ($0.37), up from R$1.85 The average analyst estimate rose from R$1.85 in the previous quarter and R$1.83 a year earlier.
Net revenues of R$4.22 billion, exceeding the R$4.02 billion expected, advanced 4% sequentially and 19% compared to the previous quarter.
Retail revenues of R$3.29 billion increased 5% QoQ and 14% YoY; institutional revenues of R$346 million fell 2% QoQ and 10% YoY; and corporate and issuer services revenues of R$629 million increased 24% QoQ and 122% YoY.
Total net inflows increased to R$32 billion from R$15 billion in the first quarter and R$22 billion in the second quarter of 2023.
Client assets totaled R$1.17 trillion, compared with R$1.14 trillion in the previous three-month period and R$1.02 trillion in the second quarter of last year.
Annualized retail acceptance rate of 1.29% vs. 1.24% in Q1 and 1.30% in Q2 2023.
