Block Rallies In Pre-market After Upbeat Results, Updated Outlook

(RTTNews) - Shares of Block, Inc. (SQ) are rising more than 16 percent in pre-market on Friday at $79.04, after the fintech firm raised its full-year adjusted EBITDA outlook.

The company now sees adjusted earnings before interest, taxes, depreciation, and amortization or EBITDA of at least $2.63 billion for the full year, up from the previous outlook of $2.4 billion.

for the fourth quarter, company reported a profit of $178.07 million or $0.28 per share, compared with a loss of $113.82 million or $0.19 per share in the same quarter a year ago.

Excluding one-time items, earnings were $284.77 million or $0.45 per share, below the average estimate of analysts polled by Thomson-Reuters of $0.59 per share.

Revenue for the quarter was $5.77 billion, up 24% year-over-year. The consensus estimate stood at $5.7 billion.

The stock had closed at $67.96, up 5.41 percent on Thursday. It has traded in the range of $38.85 - $83.08 in the last 1 year.