(Adds Ebitda and details on revenue)
By Carolina Mandl
SAO PAULO, May 2 (Reuters) - Cielo SA, Brazil’s largest payments solutions firm, reported on Wednesday a recurring net income of 932 million reais ($262.42 million) in the first quarter, missing Thomson Reuters analyst consensus as the company faces increasingly tough competition from newcomers.
The company’s Ebitda was 18 percent below analysts consensus, at 1.243 billion reais. Cielo has been losing market share to competitors such as Stone Pagamentos SA and PagSeguro Digital Ltd.
Year-over-year, Cielo’s number of points of sale in stores decreased by around 14 percent. Its net revenue fell 0.6 percent over a year earlier to 2.8 billion reais.
In a statement, Cielo said the contraction is due to changes in taxes and also lower rental revenues. Total transaction value with credit and debit, however, increased 6.3 percent in the same period.
$1 = 3.5515 reais Reporting by Carolina Mandl Editing by Lisa Shumaker and Alistair Bell