Block misses on earnings but beats on revenue, gross profit
Publishing timestamp: 2023-02-23 20:14:27
Summary
Block (formerly known as Square) reported fourth-quarter revenue and gross profit that beat Wall Street's expectations. The company posted a net loss of $114 million, or 19 cents per share, for the quarter. Cash App had 51 million monthly transacting actives in December, with two out of three transacting each week on average. Its Cash App Card generated more than $750 million in gross profits in 2022, up 56% from the year-earlier period. Its point-of-sale business, Square, saw gross profit grow 22% on an annual basis to $801 million. The stock was up more than 15% in 2023 prior to Thursday's after-hours moves.
Sentiment: POSITIVE
Tickers: SQ,
Keywords: business, technology, breaking news: technology, business news, apple inc, earnings, mobile, block inc,
Source: https://www.cnbc.com/2023/02/23/block-sq-earnings-q4-2022.html