Block generated a third-quarter net loss of $15 million, or 2 cents a share, whereas the fintech company broke even during the year-before quarter. $SQ were rising in after-hours trading after the company exceeded expectations with its latest earnings:
Shares of Block Inc. were rising 13% in after-hours trading Thursday after the payment-technology company exceeded expectations with its latest earnings and gross-profit figures amid momentum in both its seller and Cash App businesses.
After adjusting for stock-based compensation and other expenses, Block earned 42 cents a share, while analysts were modeling 23 cents a share. Block’s revenue rose to $4.52 billion from $3.85 billion, while the FactSet consensus was for $4.49 billion. However, Wall Street is less focused on Block’s headline revenue figure, which includes large contributions from bitcoin revenue — $1.76 billion in the latest quarter — that carries a minimal margin.
There were nearly 18 million Cash App Card active users in the month of September, according to the report. That was up more than 40% from a year before.
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