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Benzinga
Benzinga
Business
MarketBeat

Financial Services Firm Block Stock Has Fallen 59% In 2022

Block Bitcoin Afterpay SQ Square e-commerce

Financial services firm Block (NYSE:SQ) stock has fallen (-59%) into the toilet for 2022. The e-commerce processing and payments platform subsidiary Square expanded its services through acquisition and integrated them into its wildly popular Cash App mobile payment service.

The Bitcoin Lightning Network was added to the Cash App enabling more access and flexibility to its digital wallets. The Company makes a transaction fee as well as the spread for Bitcoin, which accounted for nearly half of its Q1 2021 revenues when Bitcoin was riding high. Wall Street loved Block over PayPal (NASDAQ:PYPL) during the height of the crypto bull market but has turned 180 degrees in sentiment.

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