Block's Australian-Listed Securities Tumble as Profit Growth Slows
August 03 2023 - 10:28PM
Dow Jones News
By Stuart Condie
SYDNEY--Block's Australia-listed securities slumped 11% early
Friday after the payment technology provider's gross profit growth
slowed at the start of 3Q.
The stock was the S&P/ASX 200's worst performer about 90
minutes after the session opened.
Block late Thursday reported stronger-than-expected 2Q earnings
and raised its full-year outlook, but indicated that gross profit
growth had likely slowed to an annual 21% in July.
Block's 2Q gross profit rose 27% on-year to US$1.87 billion,
compared with the average analyst forecast of US$1.81 billion,
according to data compiled by FactSet.
Its net loss narrowed to US$125.8 million from US$209.3 million
a year earlier.
The Australia-listed shares, a legacy of Block's 2021
acquisition of local buy-now-pay-later provider Afterpay, were
recently at 103.84 Australian dollars (US$68.03) and on course for
their lowest close in almost four weeks.
Write to Stuart Condie at stuart.condie@wsj.com
(END) Dow Jones Newswires
August 03, 2023 22:13 ET (02:13 GMT)
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