Block Inc rises 8% as Q1 gives ‘earnings surprise’ despite Bitcoin dip
Block’s Q1 earnings beat estimates despite Bitcoin revenue falling 26% on changing Bitcoin “trading dynamics” and reducing fees on Cash App transactions.
Jack Dorsey’s payments firm Block rose 7.9% in after-hours trading as its Q1 earnings surpassed analyst estimates, despite posting its first loss in three years.
Block’s Q1 earnings came in at 85 cents per share, beating the Zacks consensus estimate of 68 cents per share. Investors responded positively, driving Block shares to $75.70 after hours, Google Finance data shows.
“This quarterly report represents an earnings surprise of +25.68%,” said Zacks Equity Research on Thursday. “Over the last four quarters, the company has surpassed consensus EPS estimates two times.”