By Yasin Ebrahim
Investing.com-- Block reported fourth-quarter results that beat on the top and bottom lines as a rise transaction volumes bolstered growth.
Block (NYSE:SQ) shares were down 3.6% in after-hours trading.
The company reported fourth quarter earnings of 27 cents per share, down from 32 cents per share a year earlier, on revenue of $4.08 billion, up from $3.16 billion a year earlier. That compared with estimates for earnings of 22 cents per share on revenue of $4.06 billion.
The company processed $46.3 billion in gross payment volume, or GPV, in the fourth quarter of 2021, up 45% year over year
Transaction-based revenue was $1.31 billion in the fourth quarter of 2021, up 41% year over year, and transaction-based gross profit was $545 million, up 39% year over year.