Shares of Block Inc. rose in late trading after the payments company delivered mixed results in its latest quarterly earnings. The payments services firm reported adjusted earnings per share of 22 cents in the fourth quarter, down from 30 cents in the same quarter of 2021, on revenue of USD 4.65 billion.
Analysts had expected 30 cents and USD 4.61 billion. Block’s gross profit rose 40% to USD 1.66 billion in the quarter, beating expectations of USD 1.53 billion, while its net loss came in at USD 115 million, down from USD 77 million a year ago. By market segment, Square posted a 22% year-over-year increase in gross profit to USD 801 million, and Cash App profit rose 64% to USD 848 million.
Block’s Buy Now, Pay Later segment, based primarily on Afterpay, an Australian company it acquired in 2021, generated USD 132 million in revenue and USD 98 million in gross profit.
Read more: Block shares rise despite mixed results in fourth quarter
