ThinkSmart Ltd - Perth, Australia-based digital payments platform - Notes Block Inc's positive fourth-quarter results, with gross profit up 47% year-on-year to USD1.18 billion.
ThinkSmart holds 618,750 shares in Block, formerly Square Inc, a US financial services and digital payments company, co-founded by Twitter founder Jack Dorsey, who is currently its chief executive officer. ThinkSmart's holding is valued at USD58.8m on Thursday, on a closing price of USD94.99.
Executive Chair Ned Montarello says: "Block is exerting itself as a global leader in payments that is performing extremely well in a challenging macro-economic environment. This set of above expectations results gives us significant confidence in the future growth prospects of Block and, subsequently, in our ability to generate and deliver value to our shareholders as a direct result of our shareholding with it."
The company will publish its half-year results on March 9.
Current stock price: 33.90 pence, up 26% on Friday
12-month change: down 56%
By Elizabeth Winter; elizabethwinter@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.