Block shares fall on profit, revenue miss

Block shares fall on profit, revenue miss


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.

Joe Raedle | Getty Images

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.

Don’t miss these insights from CNBC PRO



Source

Nearly 60% of millennials and Gen Zers say their social life is hurting their financial goals
World

Nearly 60% of millennials and Gen Zers say their social life is hurting their financial goals

Emmy, a 31-year-old living in Los Angeles, has been in a credit card debt cycle — racking up balances, paying a card off and then maxing it out again — since she was 18.  When Emmy, who uses a pseudonym online to protect her privacy, started sharing her debt journey on TikTok in March, her […]

Read More
JFK airport’s .5 billion international terminal is taking shape. See what’s inside
World

JFK airport’s $9.5 billion international terminal is taking shape. See what’s inside

The future ticket counter at JFK’s new Terminal 1. Leslie Josephs/CNBC It’s far from finished but the new, $9.5 billion Terminal 1 at John F. Kennedy International Airport is taking shape. Its first phase is slated to open in mid-2026. It will replace the current terminal, which opened in 1998. The terminal, which will be […]

Read More
This is the ‘No. 1 reason’ to buy the early boarding upgrade, travel expert says
World

This is the ‘No. 1 reason’ to buy the early boarding upgrade, travel expert says

A record number of passengers flew in 2024. Izusek | E+ | Getty Images Southwest Airlines, once known for its first-come, first-served approach to boarding and seating, on Tuesday began selling its first tickets with assigned seats. That change — and with it, new boarding groups — goes into effect for flights in late January. […]

Read More