Block Shares Plunge After Q3 Earnings Fall Short of Expectations

Shares of Jack Dorsey’s fintech company, Block Inc., plummeted in after-hours trading following the release of its third-quarter earnings report. The company fell short of analyst expectations for both earnings per share and total revenue. Despite a 2.3% year-on-year increase in revenue to $6.11 billion, investors reacted negatively, sending Block stock down nearly 12%. This follows a challenging year for the company with shares down by 18.24% year-to-date. 3Q earnings revealed that while top-line revenue growth may be slowing down, Block’s operational efficiency and profitability continue to improve.