Why Block Stock Got a Boost Today
Shares of financial-technology (fintech) company Block (NYSE: SQ) got a boost on Friday after the company reported financial results for the fourth quarter of 2022. In the report, management pulled back the curtain on its financial goals over the long term, which Wall Street appreciated. And that's why the stock was up almost 5% as of 2:15 p.m. EST.
For Q4, Block generated revenue of $4.65 billion, which was a 14% year-over-year increase. This number, however, includes revenue that it generates from facilitating transactions of Bitcoin -- a revenue source it doesn't intend to earn a profit from. Therefore, removing Bitcoin from the revenue figure is helpful. And excluding Bitcoin, Block's revenue was up an impressive 33% year over year.
Another caveat is helpful. Block acquired buy-now, pay-later company Afterpay, which boosted revenue inorganically. Excluding the acquisition of Afterpay, Block's revenue was still up 21% year over year, which is impressive considering how much the business grew in 2020 and 2021.
Source Fool.com
