Nu Holdings (NYSE:NU) reported first-quarter financial results Thursday after market close.

Here are the key highlights.

• Nu Holdings stock is testing key support levels. Why is NU stock at lows?

Nu Holdings Q1 Financials

Nu Holdings reported first-quarter revenue of $5.32 billion, up 42% year-over-year. The revenue total beat a Street consensus estimate of $5.04 billion, according to data from Benzinga Pro.

This marked the first time Nu Holdings had quarterly revenue of $5 billion or more.

Net interest income hit a record $3.25 billion in the quarter, up 12% from the fourth quarter. Net income was $871 million in the quarter, up 41% year-over-year.

Nu ended the first quarter with more than 135 million customers globally, adding around four million customers in the first quarter. In Brazil, the company has more than 115 million customers. In Mexico, the company has more than 15 million customers. In Colombia, the company is approaching five million customers.

This positions Nu as the largest private financial institution in Brazil and the third largest financial institution in Mexico.

What's Next For Nu Holdings

The company labeled its AI transformation as a core priority moving forward.

"Our AI transformation is a core priority of Nu," Nu Holdings CEO David Vélez said. "We are not adding AI to banking, we are rebuilding banking around AI."

The CEO said there are more than 15 million monthly active users for the company's AI Private Banker functions.

After launching in Brazil, Mexico and Colombia, Nu has its eyes set on growth in the U.S. with a disciplined expansion.

The company said it will test the long-term opportunity of the U.S. while protecting the core business. This includes making sure the maximum investment stays below certain levels in 2026 and 2027.  

Strong revenue and customer metrics could be overshadowed by margins, slower-than-expected customer gains and increased spending on a new region, sending shares lower.

NU Stock Price Action

Nu Holdings stock is down 9.51% to $11.70 in after-hours trading versus a 52-week trading range of $11.71 to $18.98.

Photo: Diego Thomazini via Shutterstock