Jack Dorsey creator, co-founder, and Chairman of Twitter and co-founder & CEO of Square speaks on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.
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Block reported fourth-quarter results on Thursday that fell short of Wall Street expectations. The stock dropped more than 7% in extended trading.
Here is how the company did, compared to analysts’ consensus estimates from LSEG.
- Earnings per share: 71 cents, adjusted vs. 87 cents expected
- Revenue: $6.03 billion vs. $6.29 billion expected
Revenue increased about 4.5% from $5.77 billion a year earlier.
Block, formerly known as Square, posted $2.31 billion in gross profit, a 14% increase from $2.03 billion a yea ago. The company, which was an early leader in providing point-of-sale systems for smaller businesses, faces increased competition from the likes of Toast and Fiserv’s Clover unit.
Gross payment volume came in at $61.95 billion, beating analysts’ estimates of $61.3 billion, according to StreetAccount. Block posted adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) of $757 million, topping the $740 million average analyst estimate.
— CNBC’s Robert Hum contributed to this report.