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.


The ancient idea tries to provide the most accurate information to its readers in all the content it publishes.

Fatal error: Uncaught TypeError: fclose(): Argument #1 ($stream) must be of type resource, bool given in /home/fikrikadim/public_html/wp-content/plugins/wp-super-cache/wp-cache-phase2.php:2386 Stack trace: #0 /home/fikrikadim/public_html/wp-content/plugins/wp-super-cache/wp-cache-phase2.php(2386): fclose(false) #1 /home/fikrikadim/public_html/wp-content/plugins/wp-super-cache/wp-cache-phase2.php(2146): wp_cache_get_ob('<!DOCTYPE html>...') #2 [internal function]: wp_cache_ob_callback('<!DOCTYPE html>...', 9) #3 /home/fikrikadim/public_html/wp-includes/functions.php(5420): ob_end_flush() #4 /home/fikrikadim/public_html/wp-includes/class-wp-hook.php(324): wp_ob_end_flush_all('') #5 /home/fikrikadim/public_html/wp-includes/class-wp-hook.php(348): WP_Hook->apply_filters('', Array) #6 /home/fikrikadim/public_html/wp-includes/plugin.php(517): WP_Hook->do_action(Array) #7 /home/fikrikadim/public_html/wp-includes/load.php(1270): do_action('shutdown') #8 [internal function]: shutdown_action_hook() #9 {main} thrown in /home/fikrikadim/public_html/wp-content/plugins/wp-super-cache/wp-cache-phase2.php on line 2386