Shares of Block (NASDAQ:SQ) surged in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $0.22, which missed analysts’ consensus estimate of $0.30 per share.
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Sales increased by 14% year-over-year, with revenue hitting $4.65 billion. This beat analysts’ expectations of $4.59 billion.
Block saw hefty gains in transaction-based revenue, with that segment seeing $1.47 billion by itself. That was up 13% over the same time last year. Block also processed a gross payment value of $53.16 billion in the fourth quarter, which was up 15% year-over-year. Subscription and service-based revenues, however, saw staggering growth, up 69% against this time last year to reach $1.31 billion in total.
Overall, Wall Street has a consensus price target of $90.21 on Block, implying 21.66% upside potential, as indicated by the graphic above.
