Block Shares Sink Most in Almost Five Years on Earnings Miss
Revenue at the provider of the money-transfer service Cash App rose to $6.03 billion, less than the $6.28 billion average estimate of analysts surveyed by Bloomberg.
Photographer: Tiffany Hagler-Geard/BloombergThis article is for subscribers only.
Block Inc. shares sank the most in almost five years after the digital-payments company posted fourth-quarter profit and revenue that fell short of analysts’ forecasts.
The stock fell almost 18% to $68.35, the steepest decline on a closing basis since March 2020. The shares had risen about 26% in the 12 months through Thursday.