By Sabela Ojea

Shares of Block Inc. on Thursday climbed after the mobile-payment company said it expects to close 2023 with growth in adjusted earnings before interest, taxes, depreciation and amortization.

Shares rose 7.3% to $79.55 in after-hours trading.

Square-parent Block forecasts an adjusted Ebitda of $1.30 billion for 2023, up from $921.3 million for the prior year, and in line with analysts expectations, according to FactSet.

The company's guidance comes amid a slightly higher-than-expected rise in revenue.

Revenue increased 14% to $4.65 billion, just above analysts expectations of $4.63 billion. Transaction-based revenue climbed 13% to $1.47 billion in the period.

Block's net loss, on the other hand, widened to $114 million, or 19 cents a share, compared with a loss of $77 million, or 17 cents a share, for the same period a year earlier.

Stripping out one-time items, the company's earnings came in at 22 cents a share. Analysts surveyed by FactSet had forecast adjusted earnings a share of 30 cents.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 23, 2023 18:20 ET (23:20 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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