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Square-parent Block (SQ) reported fourth-quarter earnings that fell short of analysts’ expectations, but revenue slightly exceeded estimates. The company’s first-quarter guidance for SQ stock came in above expectations, which prompted a positive response from investors.

Earnings for the period ended Dec. 31 were 45 cents per share on an adjusted basis, a significant increase of 109% from the previous year. However, analysts had predicted earnings of 58 cents per share, leading to a slight disappointment in the market.

Net revenue for Square reached $5.77 billion, including Cash App transactions for bitcoin. While this figure exceeded analysts’ predictions of $5.69 billion, gross payment volume from merchant customer transactions only rose 10% to $53.54 billion, falling short of estimates.

Despite the mixed results, SQ stock rose by 10.2% in extended trading to nearly $75 after the earnings report was released. Gross profit increased by 22% to $2.03 billion, slightly surpassing estimates, while EBITDA jumped 28% to $562 million, also exceeding expectations.

Looking ahead, Square anticipates EBITDA of $580 million for the first quarter of 2024. However, SQ stock currently holds a weak Relative Strength Rating of 62 out of a possible 99, according to IBD Stock Checkup.

Investors and analysts are advised to follow Reinhardt Krause on X, previously known as Twitter, @reinhardtk_tech, for updates on artificial intelligence, cybersecurity, and cloud computing as they continue to monitor Square’s performance in the market.

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