Block's performance exceeded analyst expectations, causing the stock price to surge by 16%
The Bitcoin company Block, led by Jack Dorsey, outperformed analysts' expectations in terms of performance and first-quarter forecasts. One hour after the close of U.S. stocks, the company's share price rose 16%. Block announced an annual adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $1.79 billion USD, exceeding analyst expectations of $1.66 to $1.68 billion USD. The company stated that it expects a first quarter adjusted EBITDA between $570 million to $590 million USD which is higher than the analyst expectation of $514.5 million USD . Revenue from Block's Cash App increased by 31% compared to the same period last year reaching $3.91 billion USD , surpassing expected revenue of $3.71 billion USD.
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