Block Reports Q3 Adjusted EPS of $1.13, Beating Expectations

Block's adjusted earnings per share for the third quarter were $1.13, compared with 54 cents a year earlier and analysts' estimate of $1.02. Adjusted EBITDA was $1.23 billion, versus an estimate of $1.2 billion. Adjusted net income was $697.3 million, up from $336.9 million a year earlier, and above the estimate of $624.6 million. Net revenue was $6.72 billion, up 9.9% year over year, versus an estimate of $6.59 billion. For the fourth quarter, Block expects adjusted operating income of $1.01 billion, compared with a market estimate of $1 billion; gross profit of $3.32 billion, versus an estimate of $3.31 billion; and an adjusted operating margin of 30%. (Caixin)