DLocal Limited reported its fourth-quarter earnings for 2024, revealing an adjusted EBITDA of $57 million, surpassing the $53.9 million estimate, and an adjusted EBITDA margin of 28%. However, the company's revenue of $204 million fell short of the expected $206.4 million. The GAAP EPS was reported at $0.10, missing the $0.13 estimate. Despite the revenue miss, DLocal's gross profit reached $84 million, reflecting a 20% year-over-year increase, with a gross margin of 41%. The company also achieved a record total payment volume (TPV) of $7.71 billion, marking a 51% increase year-over-year, driven by growth in markets such as Egypt and Argentina. Following the earnings report, shares of DLocal fell by 20% in post-market trading. Additionally, Morgan Stanley downgraded the stock to Equalweight, reducing the price target from $11 to $10, citing weak TPV results and increased expenses as factors affecting the outlook.