Why Did Shares of Block Rise 13% in November?
Shares of Block (NYSE: SQ) climbed 12.8% in November, following a strong earnings announcement. However, it lost some of those gains later in the month as fintech stocks and cryptocurrencies hit a rough patch.
Block impressed investors, as its third-quarter results beat Wall Street's estimates. The fintech disruptor delivered strong results in both of its major business segments.
Gross profit increased more than 50% for its Cash App segment. That's impressive progress for a consumer-facing platform that offers transfer, digital payment, and investment services. Slowing economic growth, inflation, and difficult capital markets are all challenges for Cash App, but that service has been resilient.
Source Fool.com
