Block, Inc. (NYSE: SQ), previously known as Square, has reported a sharp decline in first-quarter adjusted earnings, hurt by a double-digit fall in revenues.
First-quarter earnings, adjusted for one-off items, dropped to $0.18 per share from $0.41 per share in the comparable period of 2021. On an unadjusted basis, the company reported a net loss of $204.2 million or $0.38 per share, compared to a profit of $39 million or $0.08 per share in the prior-year quarter.
Total revenues decreased 21% year-over-year to $3.96 billion. At $43.5 billion, gross payments volume was up 31% year-over-year.
Read management/analysts’ comments on results
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Shares of Block traded lower early Monday. It has declined 49% since the beginning of the year.