Block Stock Surges on Strong Earnings, Cash App Growth

1 min read
Block Stock Surges on Strong Earnings, Cash App Growth

Block (SQ), formerly known as Square, saw its stock price jump nearly 14% in premarket trading on Friday after releasing its Q4 2023 earnings report. The report revealed impressive results, including:

  • 22% increase in gross profit to $2.03 billion compared to the previous year.
  • Adjusted EBITDA forecast raised to at least $2.63 billion, exceeding the prior estimate of $2.40 billion.
  • Strong growth in Cash App users, reaching 56 million monthly transacting actives primarily using the platform for peer-to-peer payments and the Cash App Card.
  • Cash App gross profit surged 25% year-over-year to $1.18 billion.

These positive results fueled investor optimism, pushing the stock price up to $77.23 before the market opened on Friday. This rise comes despite the company’s recent major layoffs aimed at streamlining operations.

Key Takeaways:

  • Block’s Q4 2023 earnings demonstrate a robust financial performance and future growth potential.
  • The company’s focus on the Cash App business, with its potential to become a primary banking solution for users, is seen as a key driver for future success.
  • Despite recent challenges like layoffs, Block’s strong earnings report suggests a positive outlook for the company.

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