Block Rises After Hours On Earnings Beats, Guidance Optimism Foreshadows Layoffs

Block shares rose 15% in after-hours trading after reporting better-than-expected results and raising its full year adjusted ebitda guidance.

Block revenue for the third quarter came in at $5.6 billion, slightly above analyst estimates of $5.5 billion and up from $4.5 billion from the same quarter last year. Net loss for the quarter was $29 million, beating the $67 million loss analysts predicted but higher than the $15 million loss in the third quarter last year. Adjusted EPS came in at $0.55, beating analyst estimates of $0.45.