Brazil's Cielo posts lower Q1 profit amid fierce competition

SAO PAULO, April 23 (Reuters) - Brazilian card processor Cielo SA on Tuesday posted a steeper than expected 45 percent drop in quarterly profit amid tough competition among payment solutions companies in Brazil.

Cielo reported net income of 548.5 million reais ($139.89 million) in the first quarter, down from the same period a year earlier and below a Refinitiv analyst consensus of 571.04 million reais. ($1 = 3.9208 reais) (Reporting by Carolina Mandl; Editing by Christian Plumb)