Shares of
financial services company Block Inc. (NYSE: SQ) jumped as much as 14% during
after-hours trading on Thursday following the release of better-than-expected
fourth quarter financial results. The company, formerly known as Square, posted
revenue of $5.77 billion, which topped Wall Street’s estimates.
Perhaps
most notably, Block reported a surprise profit for the quarter when analysts
had projected a loss. The strong growth of Block’s Cash App and Square products fueled the outperformance, and total net revenue came in at $5.77 billion versus the forecasted $5.70 billion. Block also raised its full-year adjusted EBITDA
guidance to at least $2.63 billion, up from the prior outlook of $2.40 billion.
Source: Block
Usage
metrics of Block’s Cash App remained robust during the quarter. The
peer-to-peer payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term app had 56 million monthly active users in December, the
majority of which actively utilized features like the Cash Card or direct
deposits. Block said the Cash Card itself now boasts 23 million monthly active
users.
The news
caused Block shares on Wall Street to rise even after the official Thursday’s session
hours:
Source: Tradingview.com
“Cash App
aims to become one of the top providers of banking services to households in
the United States which earn up to $150,000 per year, a segment that represents
approximately 80% of consumers and more than 50% of household income,” the
company commented in the report.
The fourth
quarter capped a transitional year for the payments firm. Formerly known as
Square, the company rebranded as Block in December to better reflect its
growing suite of products across areas like crypto and music. The year also saw
high-profile CEO Jack Dorsey step down from his dual role leading Twitter to
focus solely on Block.
“We believe
this strategy will enable us to build the largest network in the long run, with
a highly engaged customer base using Cash App as their primary banking
solution,” Dorsey commented.
Block’s Big Trim
Despite
achieving strong financial results and positive market reactions in after-hours
trading, Block Inc. faces challenges, including implementing layoffs as
part of a cost-reduction strategy initiated in the previous year. Reuters
recently cited an insider confirming that the company began reducing its
workforce in January to streamline operations and manage expenses.
In November
2023, Block Inc. disclosed plans to decrease its employee count from
approximately 13,000 to 12,000 by the end of 2024, indicating the recent job
cuts as the first step towards achieving this reduction through performance
evaluations and structural adjustments. The company acknowledged that its
workforce had expanded more rapidly than its primary business and revenue
streams.
Owned by Dorsey,
Block Inc. is also known for being one of the most significant publicly traded
corporations with investments in Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term, holding over 8,000 tokens valued at
around $342 million. Among its notable BTC investments was a purchase worth
$170 million nearly three years ago, at an average price of $51,000 per
Bitcoin, highlighting its significant position in the cryptocurrency market.
Shares of
financial services company Block Inc. (NYSE: SQ) jumped as much as 14% during
after-hours trading on Thursday following the release of better-than-expected
fourth quarter financial results. The company, formerly known as Square, posted
revenue of $5.77 billion, which topped Wall Street’s estimates.
Perhaps
most notably, Block reported a surprise profit for the quarter when analysts
had projected a loss. The strong growth of Block’s Cash App and Square products fueled the outperformance, and total net revenue came in at $5.77 billion versus the forecasted $5.70 billion. Block also raised its full-year adjusted EBITDA
guidance to at least $2.63 billion, up from the prior outlook of $2.40 billion.
Source: Block
Usage
metrics of Block’s Cash App remained robust during the quarter. The
peer-to-peer payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl
Read this Term app had 56 million monthly active users in December, the
majority of which actively utilized features like the Cash Card or direct
deposits. Block said the Cash Card itself now boasts 23 million monthly active
users.
The news
caused Block shares on Wall Street to rise even after the official Thursday’s session
hours:
Source: Tradingview.com
“Cash App
aims to become one of the top providers of banking services to households in
the United States which earn up to $150,000 per year, a segment that represents
approximately 80% of consumers and more than 50% of household income,” the
company commented in the report.
The fourth
quarter capped a transitional year for the payments firm. Formerly known as
Square, the company rebranded as Block in December to better reflect its
growing suite of products across areas like crypto and music. The year also saw
high-profile CEO Jack Dorsey step down from his dual role leading Twitter to
focus solely on Block.
“We believe
this strategy will enable us to build the largest network in the long run, with
a highly engaged customer base using Cash App as their primary banking
solution,” Dorsey commented.
Block’s Big Trim
Despite
achieving strong financial results and positive market reactions in after-hours
trading, Block Inc. faces challenges, including implementing layoffs as
part of a cost-reduction strategy initiated in the previous year. Reuters
recently cited an insider confirming that the company began reducing its
workforce in January to streamline operations and manage expenses.
In November
2023, Block Inc. disclosed plans to decrease its employee count from
approximately 13,000 to 12,000 by the end of 2024, indicating the recent job
cuts as the first step towards achieving this reduction through performance
evaluations and structural adjustments. The company acknowledged that its
workforce had expanded more rapidly than its primary business and revenue
streams.
Owned by Dorsey,
Block Inc. is also known for being one of the most significant publicly traded
corporations with investments in Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term, holding over 8,000 tokens valued at
around $342 million. Among its notable BTC investments was a purchase worth
$170 million nearly three years ago, at an average price of $51,000 per
Bitcoin, highlighting its significant position in the cryptocurrency market.