From CNBC:

Jack Dorsey’s companies, Twitter Inc. and Square Inc., saw Block stock rise 19% after reporting fourth-quarter earnings that exceeded analyst estimates, with $2.03 billion in gross profit and $5.77 billion in revenue. Square’s Cash App reported a 25% increase in gross profit and 23 million monthly active users for the Cash App Card.

The company run by Jack Dorsey continues to show growth, with the Cash App business driving revenue. Despite recent layoffs, the company is still below a set employee cap of 12,000 and recorded a $70 million charge for severance costs. Block also took a $132 million impairment on its investment in Tidal.

Analysts were impressed by Block’s strong quarterly results and full-year outlook, prompting upgrades from Wells Fargo and Seaport Research Partners who raised their price targets to $95. The company’s focus on profitable growth and streamlining its operations have garnered positive attention from Wall Street analysts.



Read more: Block (SQ) earnings Q4 2023