What happened 

Shares of StoneCo (STNE -2.05%), a cloud-based technology platform, plummeted Friday morning after the company reported its second-quarter results, which disappointed investors, and announced yet another shift to its management team.

The fintech stock tumbled 27.5% as of 11:29 a.m. ET. 

So what 

The company reported non-GAAP (adjusted) earnings of 0.25 Brazilian reals (equivalent to $0.05), which was an increase from a loss of 0.48 reals in the year-ago quarter, but was below Wall Street's consensus estimate of about 0.57 reals, or $0.11 per share. 

A person looks at a computer monitor while holding their hand up to their head.

Image source: Getty Images.

StoneCo's revenue in the quarter was 2.3 billion reals (about $442 million), 5% higher than the company's guidance, and up 275% from the year-ago quarter. 

"Our business is performing very well. We are winning new clients faster than last quarter and are producing strong revenue growth while improving profitability," StoneCo's CEO Thiago Piau said in a press release. 

But investors ignored the revenue gains in the quarter and appeared to focus their attention on the company's earnings miss, as well as the announcement that StoneCo's chief financial officer, Marcelo Baldin, is leaving the company.

Silvio José Morais, a current board member, will step down from the board and assume the role of interim chief financial officer. 

Investors may be extra sensitive to the management change as StoneCo has made several other management adjustments and board changes this year. Back in March, StoneCo appointed a new chief information officer and made board position changes later that month as well as in April. 

Now what 

StoneCo's management set revenue guidance for the third quarter at 2.4 billion reals ($461.7 million), which would be an increase of 63% from the year-ago quarter. 

But investors have clearly lost a lot of confidence in StoneCo, as the company's stock has fallen 82% over the past 12 months. And with StoneCo's leadership still being shuffled around, it's no wonder why investors continue to be disappointed with the company.