Block shares plunge 10% on revenue miss

Block shares tumbled in extended trading on Thursday after the company reported third-quarter revenue that trailed Wall Street expectations.

Here is how the company did, compared to analysts' consensus estimates from LSEG.

• Earnings per share: 88 cents adjusted vs. 87 cents expected
• Revenue: $5.98 billion vs. $6.24 billion expected

Block, formerly known as Square, posted $2.25 billion in gross profit, up 19% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company's core transactional businesses.

The company reported net income of $283.7 million, or 45 cents per share, after losing $88.7 million, or 15 cents a share, a year earlier.

Block's third-quarter earnings call starts at 5 P.M. Eastern time.