Block Shares Slide After 3Q Results Miss Estimates
By Dean SealShares of Block dropped after the company's third-quarter results fell short of Wall Street forecasts.The stock was down 9.6% at $64.10 after hours. Shares were already down more than 16% year-to-date when the market closed.The payments company behind Cash App and Square said revenue rose 2.3% in the third quarter to $6.11 billion. That missed analyst projections for $6.3 billion, according to FactSet.Block posted a quarterly profit of $461.6 million, or 74 cents a share, compared with $283.8 million, or 45 cents a share, in the same quarter a year earlier.Stripping out one-time items, adjusted earnings were 54 cents a share. Analysts surveyed by FactSet had been expecting 64 cents a share.In its earnings report, Block highlighted that gross payment volumes on its Square app grew 12% during the quarter and that it gained profitable market share.Write to Dean Seal at [email protected]