Block stock was surging early on Friday after the company unveiled targets for more efficient growth late Thursday. The stock move is similar to the jump seen at rival PayPal as investors turn more positive on payment stocks.
Payment stocks might finally be coming back into fashion after Block and PayPal both lost more than three quarters of their value over the last two years. Block’s commitment to achieving the ‘rule of 40’ – a revenue growth rate and profit margin exceeding 40% when added together– by 2026 was welcomed by Wall Street analysts.
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