Block Inc (NYSE:SQ) shares are trading lower by 8.6% at $116.68 in sympathy with PayPal after the company reported fourth-quarter earnings results. Selling pressure in Block shares is occurring following PayPal's earnings report, given the similarities between the businesses in providing payment acquiring services to merchants, along with person-to-person payment networks.
PayPal reported quarterly earnings of $1.11 per share, which missed the analyst consensus estimate of $1.12. PayPal also reported fourth-quarter sales of $6.90 billion, which did beat the $6.86 billion estimate by analysts.
See Also: Why PayPal Shares Are Plunging Today
"2021 was one of the strongest years in PayPal’s history", said President and CEO Dan Schulman. "We reached $1.25 trillion in TPV and launched more products and experiences than ever before. The future is moving in our direction, and we are investing in our consumer and merchant capabilities to seize the opportunity in front of us.”
Block has a 52-week high of $289.23 and a 52-week low of $101.75.
