The company’s outlook is likely dragging on its share price today.
The post Block share price tumbles 6% as quarterly earnings sink appeared first on The Motley Fool Australia. –
The Block Inc (ASX: SQ2) share price opened in the red this morning before continuing its downwards slide.
The Block share price opened 5.9% lower at $118.63 before plummeting to its intraday low of $116.42 â representing a 7.7% slump.
It has since recovered slightly to trade at $118.33, at the time of writing, That’s 6.15% lower than it was at the end of Thursdayâs session.
Letâs take a brief look at todayâs release from the payment services provider and owner of former ASX market darling Afterpay.
Block share price slumps on quarterly earnings
As my Fool colleague James reported earlier this morning, Blockâs earnings for the June quarter were mostly in line with the marketâs expectations.
It posted US$4.4 billion of revenue â a 6% drop from the prior corresponding period.
However, the real weight on the Block share price is likely the companyâs outlook.
It expects Squareâs GPV [gross payments volume] to be up 18% year on year in July â down from 25% in the June quarter. Meanwhile, it failed to elaborate on the expected growth rate of its Cash App business.
It also flagged US$75 million of expected additional operating expenses for the current quarter.
Todayâs fall included, the Block share price is 33% lower than it was when it hit the ASX in January. Â Â Â
The post Block share price tumbles 6% as quarterly earnings sink appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.