Block shares drop more than 8% on quarterly miss

Core Insights - Block reported a miss on both top and bottom lines, with shares down more than 8% following the announcement [1] - Adjusted EPS was 54 cents, falling short of the 67 cent estimate, while revenue was $6.11 billion compared to the expected $6.31 billion [1] - This marks the fourth consecutive quarter of double misses and the sixth straight quarter of revenue misses [1] Financial Performance - Adjusted EBITDA was reported at $833 million, below the street estimate of $840 million [2] - The CFO highlighted gross profit as a positive aspect, noting back-to-back quarters of double-digit growth [2] - The company is guiding for $10.2 billion in gross profit for the upcoming period [2]