Block's third-quarter revenue missed Wall Street estimates and showed slowing profit growth from Square.
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Block
shares fell 10% Friday after weak third-quarter earnings fell short of Wall Street expectations and showed slowing profit growth for the company’s Square service.
Here is how the company did compared with LSEG estimates:
Revenue for the quarter was up 2% over last year. The Jack Dorsey-founded firm’s shares have fallen 24% year to date.
Block reported weaker-than-expected earnings for the second quarter but increased its full-year guidance.
Block laid out long-term financial targets, projecting annual gross profit growth in the mid-teens through 2028.
Crypto trading platform Coinbase reported a surprise first-quarter loss and weaker-than-estimated revenue after the market close…
Block said Thursday it's laying off more than 4,000 employees, or about half of its headcount.
Coinbase shares inched up after the crypto exchange posted better-than-expected earnings and revenue for the third quarter.
Subscription revenue failed to offset weaker trading revenue.
