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 missed analysts’ 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.
