Block Shares Sink Most in Almost Five Years on Earnings Miss
Live Mint-- Block Inc. shares sank the most in almost five years after the digital-payments company posted fourth-quarter profit and revenue that fell short of analysts’ forecasts. While there were some bright spots in the quarter, the unchanged gross profit guidance — calling for an increase at least 15% in 2025 — and relatively flat growth of Cash App monthly active users was a negative, Mizuho Securities analyst Dan Dolev said. People want to see the old days where things were like, wow.” As of December, 2.5 million of Cash App’s 57 million active users signed on to deposit their paychecks directly into the app, up 25% year over year. The CFPB ordered Block pay at least $75 million in redress to consumers and $55 million in civil money penalties after stating that Block failed to provide effective customer service to Cash App customers and failed to effectively address fraud on the platform.
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US consumer finance watchdog fines payments firm Block over Cash App operations
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