Block's fourth-quarter earnings and revenue missed Wall Street estimates, causing its stock to drop over 7% in extended trading. Revenue increased by over 4%, and gross profit increased by 14% from a year earlier. The company is an early leader in point-of-sale systems for small businesses and faces growing competition. Block expects 15% gross profit growth this year, and forecasts adjusted operating income with a more than 20% margin. Block has expanded beyond point-of-sale transactions into lending and financial services and integrated Afterpay into Cash App and Square’s ecosystem.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Last quarter, earnings and revenue missed Wall Street estimates,
00:05causing its stock to drop over 7% in extended trading.
00:08Revenue increased by over 4% and the gross profit increased by 14% from a year earlier.
00:13The company is an early leader in point-of-sale systems for small businesses and faces growing
00:17competition. Block expects 15% growth profit by this year and forecast adjusted operating
00:23income for a more than 20% margin. Block has expanded beyond point-of-sale transactions
00:27into leading and financial services and integrated after pay into cash app and squares ecosystem.
00:32For all things money, visit Benzinga.com slash GSTV.