Block Inc.’s third-quarter earnings missed analyst expectations on the top and bottom lines despite strong profit growth in its Cash App and Square businesses.
Shares in Jack Dorsey’s Block Inc. dropped almost 12% in after-hours trading on Thursday after its third-quarter earnings missed analyst estimates.
The crypto-friendly fintech firm posted an earnings per share of 54 cents for Q3, missing analyst estimates of 63 cents by 14%. Meanwhile, its Q3 revenues of $6.11 billion were up 2.3% year-on-year, but fell short of expectations of $6.33 billion.
Shares in Block Inc. (XYZ) fell 11.53% in after-hours trading to $70.93 after ending the trading day down 3.7% at $62.75.
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