Block shares plunge 17% on revenue miss
Block reported weaker-than-expected revenue for the first quarter
Block reported first-quarter results that missed Wall Street expectations on Thursday. The stock plunged 17% in extended trading.
Here is how the company did, compared to analysts' consensus estimates from LSEG.
- Earnings per share: 56 cents, adjusted. That figure may not be comparable to estimates.
- Revenue: $5.77 billion vs. $6.2 billion expected
Revenue decreased about 3% from $5.96 billion a year earlier. Gross profit rose 9% to $2.29 billion from $2.09 billion a year earlier. That missedanalysts' forecasts of $2.32 billion for the quarter.
Gross payment volume hit $56.8 billion,missing expectations of $58 billion, according to StreetAccount.
Block updated its full-year guidance to reflect a more cautious stance on the economy for the rest of the year. The company expects to increase gross profit in the second quarter by 9.5%, in the low double digits in the third quarter, and in the mid teens in the fourth.
— CNBC's Robert Hum contributed to this report.
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This story originally appeared on: CNBC - Author:MacKenzie Sigalos
