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Why Shares of Block Exploded Today

Shares of Block (NYSE: SQ) surged more than 26% today after the company reported earnings results for the fourth quarter and full year of 2021, while also providing guidance for the year ahead. Block reported adjusted earnings per share of $0.27 in the quarter on revenue of $4.08 billion, both of which beat analyst estimates. Gross profit on Cash App came in at $518 million, while gross profit at the rest of Square came in at $657.3 million.