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Here's Why Shares of Block Tumbled 28% in August

TheMotleyFool

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Here's Why Shares of Block Tumbled 28% in August: https://g.foolcdn.com/editorial/images/747062/gettyimages-869328748.jpg

Shares of Block (NYSE: SQ) dropped 28.4% last month, according to S&P Global Market Intelligence. Investors soured on the stock after it's quarterly results were released. The stock also struggled with a sell-off in cryptocurrency markets.

Block reported quarterly earnings early in August, and those results were met with mixed reviews. The company modestly outperformed analyst estimates and revised its full-year forecasts higher. Block is targeting international markets to stimulate growth, and it is pulling back on hiring plans to control costs. These factors combined to deliver better-than-expected operating performance.

Image source: Getty Images.

Source Fool.com

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