Why Did Shares of Block Fall 27% in April?
Shares of fintech stock Block (NYSE: SQ) fell 26.6% last month due to the sell-off in growth stocks and cryptocurrencies. There wasn't any major negative news about Block's operations, but the stock suffered along with other correlated asset classes as investors pull capital out of risk assets.
Block beat analyst estimates for the first quarter, and it reported those results in the first week of May. Investors are also looking forward to updates from the fintech disruptor later this month. Those events provide valuable insight on the financial prospects of Block's business. No such information was available in April. The biggest development was the company's announcement that it was launching a business lending product.
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Source Fool.com
