At actions gives Blockcompany of payments digital that bet big on bitcoin led by Jack Dorsey, were volatile on Friday after reporting a quarterly loss due to waning interest in cryptocurrencies.
The stock rose 1.5% at 11:27 am (Brasilia time)after falling as much as 7% in pre-market trading.
Block on Thursday reported a second-quarter loss of 36 cents a share, compared with a profit of 40 cents last year, and said it had slowed hiring and cut its 2022 investment target by $250 million. .
“The act of cutting spending suggests that SQ is bracing for potentially weaker growth,” analysts wrote. JPMorgan in note.
But the broker maintained its overweight rating and $107 target price for the stock, citing the underlying earning potential of its term buying business, which had $150 million in gross profit in the quarter.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
