5 Latest Earnings That Surprised Wall Street

2. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 72

Shares of Block, Inc. (NYSE:SQ) rallied over 10 percent on Friday morning as investors cheered the company’s solid results for the third quarter. The digital payments giant reported adjusted earnings of 42 cents per share, beating the estimates of 23 cents per share with a big margin.

Revenue for the quarter rose 17 percent on a year-over-year basis to $4.52 billion, while analysts expected Block, Inc. (NYSE:SQ) to post revenue of $4.50 billion. Excluding Bitcoin revenue, total sales climbed 36 percent over the year-ago period.

Discussing the results, Block, Inc. (NYSE:SQ) said in a statement:

“We delivered strong growth at scale during the third quarter of 2022. Gross profit grew 38% year over year to $1.57 billion, up 46% on a three-year compound annual growth rate (CAGR) basis. Excluding our BNPL platform, gross profit was $1.42 billion, up 25% year over year and 42% on a three-year CAGR basis.”