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Block’s Payments Volume Misses Estimates on Bitcoin Rout

  • Gross profit was $1.47 billion, in line with analyst estimates
  • Total revenue was better than expected despite 6% decline
Jack Dorsey

Jack Dorsey

Photographer: Eva Marie Uzcategui/Bloomberg
Updated on

Block Inc., the digital-payments firm run by Jack Dorsey, reported weaker-than-expected gross payment volume, a measure of the total amount of payments processed using Block’s products. Shares slid more than 7% in late trading.

Block, formerly called Square, reported $52.5 billion in transactions, missing the $53.47 billion estimate.