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Block surpasses sales projections, increasing shares.

Block Inc logo is seen displayed in this illustration taken, April 10, 2023. Photo/ Dado Ruvic/Illustration

Block Inc. (SQ.N) reported higher first-quarter revenue on Thursday as its Cash App payments platform continues to expand. In addition, statistic investors will watch after U.S. short-seller Hindenburg Research disclosed short holdings in the business in March.

Block, previously Square, surged over 4% in extended trade on Thursday. Its stock dropped over 10% from the start of the year before the market close.

Refinitiv data shows the company’s net sales rose 26% to $4.99 billion in the quarter ended March 31, exceeding analysts’ forecast of $4.59 billion.

The San Francisco fintech, which provides merchant payment services and an app for peer-to-peer payments and cryptocurrency trading, reported a 32% increase in first-quarter gross earnings to $1.71 billion.

Hindenburg, whose research earlier this year caused a more than $100 billion drop in Adani Group shares, accused Block of overstating its user numbers by permitting false or duplicate Cash App accounts. The claims dropped company shares by 22%.

Report claims were unconfirmed by Reuters. Block denies the charges and plans to sue the short seller. Short sellers like Hindenburg sell borrowed securities and try to buy them back cheaper.

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