Block's performance exceeded analysts' expectations, and its stock price soared 16%
The bitcoin company Block, led by Jack Dorsey, exceeded analysts' expectations for performance and first-quarter expectations. As of one hour after the close of the US stock market, the company's stock price rose by 16%. Block's full-year adjusted earnings before interest, taxes, depreciation, and amortization were $1.79 billion, surpassing analysts' expectations of $1.66 billion to $1.68 billion. The company stated that it expects first-quarter adjusted EBITDA to be between $570 million and $590 million, higher than analysts' expected $514.5 million. Cash App, a subsidiary of Block, saw a 31% increase in revenue from the same period last year, reaching $3.91 billion, exceeding the expected $3.71 billion.
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