Block Share Jumps on Positive Outlook and Better-Than-Expected Numbers

Feb 25, 2022

온라인 슬롯 사이트

Shares of Block Inc., the formerly known square run by Jack Dorsey rallied 30% in late trading on Friday after the digital payments company reported better-than-expected revenue in December-quarter and projected a solid outlook for 2022.

The San Francisco-based firm generated $4.08 billion in revenue in the fourth quarter, beating the average estimate of $4.01. Block also stated that its gross profit from Cash Apps will be higher in the second half of the year due to the forecasted product upgrades and commerce integrations after the firm acquired buy-now, pay-later company AfterPay.

Monthly active users of the company’s Cash App were 44 million at the end of December, up from 40 million in June, Block said. Cash App growth showed a less intense slowdown than it was forecasted in the fourth quarter. Cash App’s gross profit increased 37% year over year as it came in at $518 million, topping Wall Street’s estimate by 2%.

Total gross profit, which includes fees from Square’s Cash App and Seller business amounted to $1.18 billion, up 47% from the year-ago quarter.

The recent earnings report on Thursday was the first one for the company since it has changed its name in December from Square to Block in order to express its enhanced investment in blockchain technologies and Bitcoin. The company, which is led by Bitcoin enthusiast Jack Dorsey has several Bitcoin-related initiatives in the progress, containing financial services division aimed at the cryptocurrency. Revenue from Bitcoin purchases was $1.96 billion in the fourth quarter.

Block’s stocks surged as high as $123.09 in extended trading after closing at $94.99 in New York.

Check out the latest Stocks news bellow: