Block Inc., formerly known as Square, reported lower-than-expected fourth-quarter earnings, causing its stock to drop 6% in after-hours trading.

The company posted adjusted earnings per share of US$0.71, missing the projected US$0.87.

Revenue reached US$6.03 billion, below the forecasted US$6.29 billion but up 4.5% year-over-year.

Gross profit rose 14% to US$2.31 billion, while gross payment volume exceeded expectations at US$61.95 billion.

Block forecasts a 15% gross profit increase in 2025, reaching US$10.22 billion.