Why Shares Of Jack Dorsey's Block Are Surging 14% Premarket Today
Portfolio Pulse from Benzinga Neuro
Block (NYSE:SQ) stock surged nearly 14% in premarket trading following its Q4 2023 earnings report, showing a 22% year-over-year rise in gross profit and robust growth in Square and Cash App revenue. The company raised its adjusted EBITDA forecast and reported significant growth in Cash App's gross profit and monthly transacting actives. The stock's surge is attributed to strategic moves including major layoffs aimed at boosting efficiency.
February 23, 2024 | 10:27 am
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Block's Q4 2023 earnings report showed a 22% increase in gross profit and a raised adjusted EBITDA forecast, leading to a nearly 14% surge in premarket trading.
The significant premarket surge in Block's stock is directly attributed to its strong Q4 2023 earnings report, which exceeded market expectations with a notable increase in gross profit and an upward revision of its adjusted EBITDA forecast. These positive financial metrics reflect the company's robust growth and operational efficiency, likely influencing investor confidence and stock price in the short term.
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