clogged The company’s shares fell 11% in after-hours trading Thursday after the company reported third-quarter revenue that fell short of Wall Street expectations.
Here’s a look at the company’s performance, compared to the London Stock Exchange Group analysts’ consensus estimates.
- Earnings per share: Adjusted 88 cents, expected 87 cents
- income: $5.98 $1 billion vs. $6.24 billion expected
Block (formerly known as Square) reported gross profit of US$2.25 billion, an increase of 19% over the same period last year. Analysts tend to focus on gross profit as a more accurate measure of a company’s core trading business.
Company reports net profit The company’s shares fell $283.7 million, or 45 cents a share, after losing $88.7 million, or 15 cents a share, a year ago.
The Cash App business is the company’s most popular mobile payments platform and a significant contributor to overall profitability, with gross profit of $1.31 billion, up from 21% Year-over-year jump. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased 11% year-over-year to more than 24 million.
The company said fourth-quarter gross profit will grow 14% to $2.31 billion.
Block’s third-quarter earnings call begins at 5 p.m. Eastern time.
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