By Ben Glickman
Block posted a narrower-than-expected third-quarter loss after its revenue surged along with Cash App payment volumes.
The San Francisco-based financial services company posted a third-quarter loss of $29 million, or 5 cents a share, compared with a loss of $14.7 million, or 2 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 10 cents.
Stripping out certain one-time items, adjusted per-share earnings came to 55 cents, ahead of the 47 cents forecast by analysts, according to FactSet.
Revenue rose 24% to $5.62 billion, beating the $5.42 billion expected by analysts polled by FactSet.
Payment volumes at Cash App doubled from the prior quarter as of September, the company said.
Write to Ben Glickman at [email protected]
Read the full article here