Block, formerly Square, exceeded profit expectations in Q2, with stock value rising

From CNBC: 2024-08-01 17:07:08

Block, previously Square, exceeded profit expectations in Q2, with a rise in stock value. Earnings per share reached 93 cents, beating the expected 84 cents, while revenue was slightly below estimates at $6.16 billion. Gross profit rose 20% to $2.23 billion, with a net income increase of 91% to $195.3 million.

The Cash App business saw significant growth, with $1.3 billion in gross profit and over 24 million monthly active users as of June, a 13% increase year over year. Despite recent layoffs, Block raised its full-year guidance for gross profit, adjusted earnings, and adjusted operating income. CEO Jack Dorsey announced Afterpay CEO Nick Molnar’s expanded role at Block.

After layoffs and restructuring, Block’s financial performance has improved significantly, with stock rising as a result. The company continues to focus on core transactional businesses, as seen in the strong gross profit growth and profit margin increase. With positive outlook and leadership changes, Block appears poised for continued success.



Read more at CNBC:: Block (SQ) earnings Q2 2024