Shares of payment processing company Block (NYSE:SQ) surged in after-hours trading after the company reported earnings for its fourth quarter of Fiscal Year 2023. Earnings per share came in at $0.45, which missed analysts’ consensus estimate of $0.58 per share.
Sales increased by 24.1% year-over-year, with revenue hitting $5.77 billion. This beat analysts’ expectations by $60 million. In addition, subscription and services-based revenue jumped 24% to $1.62 billion.
What Is the Forecast for SQ Stock?
Turning to Wall Street, analysts have a Strong Buy consensus rating on SQ stock based on 19 Buys, four Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 13% decline in its share price over the past year, the average SQ price target of $84.43 per share implies 24.23% upside potential. However, it’s worth noting that estimates will likely change following today’s earnings report.
