Block, Inc. (NYSE: SQ), previously known as Square, Thursday reported a sharp decline in second-quarter adjusted earnings, hurt by continued weakness in top-line performance.
Second-quarter earnings, adjusted for one-off items, dropped to $0.18 per share from $0.49 per share in the corresponding quarter of last year. On an unadjusted basis, the company reported a net loss of $208 million or $0.36 per share for the most recent quarter, compared to a profit of $204 million or $0.40 per share in the prior-year period.
Total revenues decreased 6% year-over-year to $4.40 billion. At $52.5 billion, gross payments volume was up 23% compared to the second quarter of 2021.
Check this space to read management/analysts’ comments on Block’s Q2 results
Shares of Block closed Thursday’s session higher but declined in after-hours trading following the earnings announcement.