Why Block Shares Are Ripping Higher After Hours

Block Inc (NYSE: SQ) shares are trading higher in Thursday's after-hours session after the company reported third-quarter results that topped analyst expectations.

Block said third-quarter revenue increased 17% year-over-year to $4.52 billion, which beat average analyst estimates of $4.5 billion, according to Benzinga Pro. Excluding Bitcoin (CRYPT:BTC) revenue, total net revenue in the third quarter was $2.75 billion, up 36% year-over-year.

The payment services company reported quarterly adjusted earnings of 42 cents per share, which beat average estimates of 24 cents per share.

Cash App generated $2.68 billion of revenue and $774 million of gross profit. On a year-over-year basis, Cash App revenue and gross profit grew 12% and 51%, respectively. Square generated $1.77 billion of revenue and $783 million of gross profit. Square revenue and gross profit grew 27% and 29%, respectively on a year-over-year basis.

Square ended the quarter with $6.5 billion in cash and equivalents.

SQ Price Action: Block has a 52-week high of $165.20 and a 52-week low of $51.45.

The stock was up 12.7% in after hours at $60.62 at time of publication.

Photo: courtesy of Block.

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