Block stocks rise despite mixed fourth quarter results

Date:

Share post:

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

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

TerraPay appoints Ruben Salazar Genovez, former Head of Visa Direct, as President

TerraPay, a global money movement company, is pleased to announce the appointment of Ruben Salazar Genovez, recently the...

Crif launches ESG analytics tool for UK banks

ESG Analytics from CRIF, a provider of consumer and business credit information and a key global player in...

Pulsate raises USD 7.7 million in its Series A funding round

Pulsate, a mobile-first customer engagement platform for community financial institutions, has secured USD 7.7 million in funding. Pulsate's platform...

Revenir AI, a FinTech firm, launches hassle-free mobile VAT reclaim for travelers

Revenir AI, a UK FinTech startup, has developed a white-label app for banks that allows travelers to automatically...