Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.<\/p>\n
Eva Marie Uzcategui | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Block<\/a><\/span><\/span><\/span> stock rose as much as 14% in extended trading Thursday after the payments company reported<\/a> fourth-quarter earnings that beat analyst estimates on gross profit and showed strong growth in its Square and Cash App revenue.<\/p>\n Here’s how the company did, compared to an analyst consensus from LSEG, formerly Refinitiv:<\/p>\n Block posted $2.03 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company’s core transactional businesses.<\/p>\n The company raised its adjusted EBITDA forecast to at least $2.63 billion from $2.40 billion.<\/p>\n Block, formerly known as Square, ended the year with 56 million monthly transacting actives for Cash App in December, with most of those customers using it for either peer-to-peer payments or the Cash App Card.<\/p>\n Its Cash App business reported $1.18 billion in gross profit, a 25% year-over-year rise.<\/p>\n The company, which is run by Jack Dorsey, said its Cash App Card has 23 million monthly actives in December, up 20%. That is more than two times the growth rate of total monthly actives.<\/p>\n “We believe this strategy will enable us to build the largest network in the long run, with a highly engaged customer base using Cash App as their primary banking solution,” Dorsey said in a note to shareholders.<\/p>\n\n