Block Shares Jump on Strong Quarter Despite Bitcoin Dip
Cointelegraph
Block shares rose nearly 8% after Q1 earnings beat analyst expectations despite the company reporting its first quarterly loss in three years.Summary
Block, the payments company led by Jack Dorsey, saw its shares climb 7.9% in after-hours trading following a Q1 earnings report that beat analyst expectations. Despite posting its first quarterly loss in three years—a $309 million net loss driven largely by a decline in Bitcoin prices and a resulting $172.8 million remeasurement loss—the firm achieved an earnings surprise of 25.68%. Gross profit grew 27% to $2.9 billion, supported by the company's ongoing efforts to integrate Bitcoin into its payments ecosystem, including the introduction of new hardware wallets and increased transaction limits for Cash App users.
(Source：Cointelegraph)