Block Rises on Outlook in After-Hours Trading
06 5월 2022 - 7:39AM
Dow Jones News
By Maria Armental
Block Inc. shares rose 8.6% to $103.75 after hours Thursday as
investors focused on its outlook and as company officials said that
they hadn't seen a decline in consumer spending.
Block officials said that they still expect Cash App and Square
to sequentially grow gross profit each quarter this year, excluding
"buy now, pay later" platform Afterpay, which Block bought this
year.
Block's gross profit margin in the March quarter widened to
32.7% from 19.1% a year earlier.
Overall, however, Block swung to a first-quarter net loss of
$204.2 million, or 38 cents a share, compared with a year-earlier
profit of $39 million, or 8 cents a share. On an adjusted basis,
profit fell to 18 cents a share.
The most recent quarter's results included expenses tied to the
Afterpay acquisition. Excluding those items, Block said the net
loss would have been $114 million.
Net revenue fell to $3.96 billion from $5.06 billion a year
earlier, driven by a decrease in bitcoin revenue. Excluding
bitcoin, net revenue was $2.23 billion, up 44% from the year
earlier, Block said.
Analysts surveyed by FactSet had expected a loss of 17 cents a
share, or adjusted profit of 20 cents a share, and about $4.14
billion in revenue.
Block said the bitcoin revenue decline was primarily driven by
relative stability in the price of bitcoin during the quarter,
which it said reduced customer demand and trading activity compared
with the comparable period a year earlier.
Block had invested $220 million in bitcoin as of Dec. 31, 2021,
with no additional investments in the March quarter, it said.
As of March 31, the so-called fair value of Block's bitcoin
investment was about $366 million, which the company said was about
$217 more than the investment's carrying value, or book value.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 05, 2022 18:24 ET (22:24 GMT)
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