Block shares show sustained recovery following last week’s earnings report


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Shares in Block, the payments company previously known as Square, have climbed more than 30% since it reported earnings last week as Wall Street investors bet the worst may be behind the beleaguered fintech.

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Block’s shares, which closed at about $95 before the company released results on Thursday evening, are changing hands for about $126 in pre-market New York trading today. The stock is still down about 40% since CEO Jack Dorsey announced in November he’d leave his role at Twitter to focus on Block.

Investors appear to be coming back around to Block since Thursday’s results. The company logged $1.96 billion in bitcoin sales via its Cash App product and reported fourth-quarter revenue of $4.08 billion. This slightly topped analyst predictions for revenue of $4.01 billion.

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Along with a continued focus on bitcoin trading via Cash App and the recent acquisition of “buy now, pay later” player Afterpay, the publicly traded fintech has recently committed to building an “open” bitcoin mining ecosystem.

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