(Bloomberg) — Block Inc., the digital-payments firm run by Jack Dorsey, surged as much as 30% in late trading after it reported fourth-quarter revenue that topped projections and gave an unexpectedly positive outlook for 2022.
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Fourth-quarter revenue was $4.08 billion, slightly topping the $4.01 billion average estimated by analysts. Block, formerly known as Square, also said its Cash App’s gross profit will be stronger in the second half of the year because of expected product improvements and commerce integrations following the company’s purchase of buy-now, pay-later company AfterPay.
While gross payment volume will be lower than expected in the current quarter, Block said it will increase gross profit each quarter for both Cash App and the Square seller business for the rest of the year. That growth will be partly helped by easier comparisons, the…
