The stock of Block (SQ) is down 2% after the financial technology company reported third-quarter revenue that missed Wall Street forecasts
The company announced earnings per share (EPS) of $0.88 U.S., which was inline with Wall Street expectations.
However, revenue in the quarter of $5.98 billion U.S. fell short of the $6.24 billion U.S. expected among analysts.
Block, formerly known as Square, said that its Cash App mobile payment platform had a $1.31 billion U.S. gross profit, which was up 21% year-over-year.
Monthly active users on the Cash App increased 11% from a year earlier to more than 24 million accounts.
Looking ahead, Block said that it expects gross profit for the current fourth quarter of $2.31 billion U.S., which would represent 14% annualized growth.
The company serves 56 million users and four million businesses, processing $228 billion U.S. in payments each year.
Block stock has risen 4% this year and currently trades at $75.27 U.S. per share.
