Block Shares Drop Most Since March After Earnings Disappointment
A Square payment device at a store in New York.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Block Inc., Jack Dorsey’s payments company, tumbled as much as 14% after reporting results that fell short of some analysts’ expectations.
Jefferies Financial Group Inc.’s Trevor Williams said in a note that Block’s earnings report “lacks oomph,” even after the company increased its adjusted profit outlook for the rest of the year when it reported second-quarter results Thursday. BTIG LLC analyst Lance Jessurun called Block’s July trends “disappointing.”