StoneCo says latest incentive offers from competitors don't change strategy
StoneCo released a CEO letter that stated in part: "As we have seen in the past, competitor campaigns generate a lot of noise, but we remain focused on delivering a differentiated value proposition to our clients through our proprietary and disruptive business model. However, given some recent inquiries we have received and the lack of information in the market we wanted to share some of our thoughts and perspectives to put some of this noise into context...At this time, it is still very early to discuss how such new offerings from competition could impact our business. As always, we will continue to listen to our clients to find new ways to serve them better and disrupt existing incumbent offerings. Stone will always advocate in the market and with authorities for transparency in the rates in Brazil to make it simpler for clients to understand and make their choice. The relationship we have with our clients and shareholders is very important for us. If and when we see any material changes in our operations because of competition, we will be the first ones to communicate to you. We remain very confident in our strategy, the strength of our business model and our profitability going forward."