Block stock rises after Square GPV accelerates in April; Q1 earnings miss

Shares in Block (NYSE:SQ), formerly called Square, projected that its Square ecosystem gross payment volume will increase 29% Y/Y and 24% on a three-year compound annual growth rate basis in April vs. a 22% CAGR in Q1, indicating that GPV accelerated since the close of Q1. The the Cash App ecosystem, gross profit, excluding Afterpay is expected to increase on a Y/Y and a three-year CAGR basis, helped by growth in monthly transacting actives, engagement across the system, and inflows into the app. Block (SQ) stock is rising 3.4% in Thursday after-hours trading. Q1 gross payment volume of $43.5B slipped from $46.3B in Q4 2021 and climbed from $33.1B in Q1 2021. Q1 earnings and revenue, though, fell short of consensus estimates. Q1 adjusted EPS of $0.18 vs. the average analyst estimate of $0.20, declined from $0.27 in Q4 and from $0.41 in the year-ago quarter. Q1 total net revenue of $3.96B