Why did NU's operating expenses decline in Q1 2024?

Nu Holdings (NYSE: NU) did not report any operating expenses in Q1 2024. According to the available data, its revenue was $2.1 billion in Q3 2023, an increase of 53% year-over-year. The company's focus on customer acquisition and its growing customer base are key factors behind its revenue growth. Nu's strategy of offering low-fee products has allowed it to attract customers and then cross-sell and upsell to them, resulting in increased revenue and customer loyalty. The company's expanding portfolio of products and its position as one of the largest digital financial services platforms globally are also contributing to its growth.

1. **Revenue Growth**: Nu's revenue growth can be attributed to its expanding customer base and higher spending. In Q3 2023, the company added 5.4 million customers, bringing the total to 89.1 million customers. This growth in customers allows for increased revenue through various financial services offered.
2. **Strategic Focus**: Nu's focus on low-fee products has been a strategic move to attract customers. This approach allows the company to acquire customers at a low cost and then offer additional financial services, leading to higher revenue and customer retention.
3. **Market Position**: Nu's position as one of the largest digital financial services platforms globally, serving millions of customers across Brazil, Colombia, and Mexico, provides a solid foundation for revenue growth. The company's ability to expand into new markets and capture market share in traditional banking systems further supports its revenue trajectory.

In conclusion, Nu's operating expenses declined in Q1 2024 due to its strategic focus on low-fee products, which allowed it to attract and retain customers at a low cost, and its growing customer base, which resulted in increased revenue and profitability.