Dorsey’s Block halts trading amid wild announcement, jumps on restart

Core Viewpoint - Block, Inc. has announced an ambitious three-year financial outlook, leading to a significant increase in its stock price following the announcement [1][4]. Financial Outlook - The company expects gross profit to grow in the mid-teens annually, reaching approximately $15.8 billion by 2028 [3]. - Adjusted operating income is projected to increase by 30% annually, targeting $4.6 billion in three years [4]. - Adjusted earnings per share (EPS) are anticipated to rise by 30% to reach $5.50 [4]. Stock Repurchase Program - Block has announced a $5 billion increase to its stock repurchase program as part of its capital allocation strategy [4]. Market Reaction - Following the announcement, Block's shares were initially halted but surged by 9% to an intraday high of $62.74 upon resumption of trading, closing the day at $62 [4]. Company Background - Founded by Jack Dorsey in 2009, Block (formerly Square) is a financial technology company with a strong focus on Bitcoin integration across its product suite [2][3]. - The company offers various products including Cash App, Bitkey, Proto, and Square, all of which facilitate Bitcoin transactions and investments [6].