Block shares surged 25 per cent on the ASX on Friday after Jack Dorsey’s payments company said it would cut global staff by 1500 to keep a lid on costs and announced a surprise $1 billion share buyback.
The market also responded favourably to a lift in its full-year 2023 and 2024 earnings guidance and a commitment to hit a combined growth rate and profit margin of more than 40 per cent in 2026.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
