Fintech and digital payments giant Block (SQ), formerly Square, reported late Thursday first-quarter results that missed analysts' expectations.
Total revenue for the quarter was $3.96 billion, compared with the $4.1 billion that analysts were expecting on average according to FactSet. Excluding bitcoin, total net revenue was $2.23 billion, up 44% from the same period a year ago. Adjusted earnings per share were 18 cents, compared with analysts' average estimate of 20 cents
Block said in its statement that as of the end of the quarter, more than 10 million Cash App accounts had bought bitcoin since the product was introduced.
Shares of Block rose about 4% to $99.50 in after-hours trading on Thursday. Shares fell more than 10% on Thursday ahead of its earnings release, as the Nasdaq dropped 5%.
https://finance.yahoo.com/news/block-misses-q1-estimates-posts-203217591.html
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