{"id":128687,"date":"2022-08-05T21:37:25","date_gmt":"2022-08-05T21:37:25","guid":{"rendered":"https:\/\/fin2me.com\/?p=128687"},"modified":"2022-08-05T21:37:25","modified_gmt":"2022-08-05T21:37:25","slug":"dorsey-led-block-inc-sees-share-prices-fall-as-crypto-winter-sets-in","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/dorsey-led-block-inc-sees-share-prices-fall-as-crypto-winter-sets-in\/","title":{"rendered":"Dorsey-led Block Inc. sees share prices fall as crypto winter sets in"},"content":{"rendered":"

<\/picture> video<\/span> <\/p>\n

Fox Business Flash top headlines for August 5<\/h2>\n

Check out what’s clicking on FoxBusiness.com.<\/p>\n

Shares of Jack Dorsey-led Block Inc, a digital payments firm that has bet big on bitcoin, declined nearly 7% in premarket trading on Friday after the company reported a loss in quarterly results on waning interest in cryptocurrencies.<\/p>\n

The San Francisco, California-based company saw nearly $3.5 billion wiped off its market value by 6:20 a.m. ET. The stock has fallen more than 44% this year.<\/p>\n

Block on Thursday reported a loss of 36 cents per share in the second quarter, compared with a profit of 40 cents last year, and said it had slowed hiring and would cut its 2022 investment target by $250 million.<\/p>\n

THIS IS WHY WE NEED BITCOIN<\/strong><\/p>\n

"The act of cutting spend suggests SQ is bracing for potentially weaker growth," JPMorgan analysts wrote in a note.<\/p>\n

However, the brokerage maintained its "overweight" rating and $107 price target for the stock, citing underlying earnings potential from its buy now, pay-later business, which earned $150 million in gross profit in the quarter.<\/p>\n

<\/picture>\n

Jack Dorsey led blockchain payment service saw stocks plummet during crypto winter. Pictured: Jack Dorsey testifies before Congress in Washington, U.S., on March 25, 2021.<\/span> (U.S. House of Representatives Energy and Commerce Committee\/Handout via Reuters \/ Reuters)<\/span><\/p>\n

Investor enthusiasm over bitcoin and other digital currencies has ebbed this year, as red-hot inflation and the Federal Reserve's tightening of monetary policy have led to a selloff in risky assets.<\/p>\n

That has hurt companies such as Block, which rode the bitcoin frenzy to post robust earnings last year.<\/p>\n

Block's bitcoin gross profit – or what the company earns from the spread on buying and selling the cryptocurrency – plummeted 24% to $41 million in the quarter from $55 million a year earlier.<\/p>\n

BITCOIN FALLS TO NEAR 19K, DOWN MORE THAN 70% SINCE 2021 HIGH<\/strong><\/p>\n

"Shares had rallied by almost 35% during the eight trading sessions prior to the print. The company likely would have needed to produce a nearly flawless report in order for that surge to continue," according to analysts at BTIG.<\/p>\n

Jefferies and RBC Capital Markets, however, raised their price targets, saying Block's decision to cut costs would position it strongly to deal with a tough economic environment.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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