Although revenue from Bitcoin only accounts for a small part of CashApp’s success last quarter, the increase in such transactions is noteworthy.
Beating Expectations and Short-Seller Predictions
Block – better known by its former name Square, which is still used for its business platform – has reported a slight increase in revenues and earnings per share, in spite of doubts fueled in part by apublished by short-sellers at Hindenburg Research. The firm is now reportedly considering legal actions against the company.
“We intend to work with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared about our Cash App business today. We will not be distracted by typical short-seller tactics.” Although its quarterly results turned out just fine, Block’s stock took a nosedive shortly after the report was published. Fortunately for its investors, the firm has reported that its earnings per share are now 40 cents, as opposed to analysts’ predictions of 35 cents.
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