Block shares fall on profit, revenue miss

▤ Summary

Jack Dorsey, CEO of Square, speaks on stage at the Bitcoin 2021 Convention, a cryptocurrency conference held at the Mana Convention Center in Wynwood in Miami, Florida, on June 4, 2021. Block reported fourth-quarter results on Thursday that fell short of Wall Street expectations. The company, which was an early leader in providing point-of-sale systems for smaller businesses, faces increased competition from the likes of Toast and Fiservs Clover unit. Blocks payments business has expanded beyond traditional point-of-sale transactions to include lending and financial services. The company acquired Australian buy now, pay later firm Afterpay for $29 billion in 2021, integrating the service into Cash App and Squares ecosystem.

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