Financial services company $Block(SQ.US)$'s stock is jumping 16.47% at $110.63 per share as the company reported better-than-expected results in the fourth quarter as transaction-based revenue rose more than 40%.
The company, which changed its name from Square Inc. to Block in December, reported a net loss to common shareholders of $76.8 million, compared with earnings of $294 million a year earlier. On a per share basis, the loss was 17 cents, compared with a profit of 59 cents a year earlier.
On an adjusted basis, the company had earnings of 27 cents a share. Analysts polled by FactSet expected adjusted earnings of 23 cents a share.
Total net revenue was $4.08 billion, up from $3.16 billion a year earlier. Analysts expected revenue of $4.04 billion.
Transaction-based revenue rose nearly 41% to $1.31 billion, while bitcoin revenue rose nearly 12% to $1.96 billion.
The company said its gross payment volume in the quarter was $46.3 billion, up 45% from a year earlier.
In December, the company said its new name encompasses its various businesses better than Square, which is mostly associated with its merchant-payment services.