{"id":31675,"date":"2023-11-02T20:55:58","date_gmt":"2023-11-02T20:55:58","guid":{"rendered":"https:\/\/microloannexus.com\/news\/block-shares-surge-after-earnings-beat-and-strong-square-cash-app-growth\/"},"modified":"2023-11-02T20:56:00","modified_gmt":"2023-11-02T20:56:00","slug":"block-shares-surge-after-earnings-beat-and-strong-square-cash-app-growth","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=31675","title":{"rendered":"Block shares surge after earnings beat and strong Square, Cash App growth"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>Shares of fintech firm <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Block<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst estimates on the top and bottom line and showed strong growth in both Cash App and Square revenue.<\/p>\n<p>Here&#8217;s how the company did, compared to an analyst consensus from LSEG, formerly Refinitiv:<\/p>\n<ul>\n<li><strong>Earnings per share: <\/strong>55 cents, adjusted, vs. 47 cents expected<\/li>\n<li><strong>Revenue: <\/strong>$5.62 billion, vs. $5.44 billion expected<\/li>\n<\/ul>\n<p>Total net revenue grew 24% year-over-year, from $4.52 billion to $5.62 billion. Bitcoin revenue climbed from $1.76 billion to $2.42 billion year-over-year. Gross profit climbed 21% compared to the year-ago period, from $1.57 billion to $1.90 billion.<\/p>\n<p>Adjusted EBITDA came in at $477 million, compared to $327 million in the year-ago period. There was particularly strong growth in Block&#8217;s payment platform, Cash App, and its point-of-sale suite, Square. Cash App revenue was $3.58 billion, growing 34% year-over-year, while Square revenue grew 12% year-over-year to $1.98 billion.<\/p>\n<p>&#8220;We&#8217;ve been quiet lately because we&#8217;ve been focused,&#8221; Block co-founder Jack Dorsey said in a letter to shareholders. Block was the target of a short-seller attack earlier this year which alleged its Cash App product facilitated fraud. &#8220;We want to thank all of you for your trust and continued belief in our work. We will work to balance that trust with accountability, some of which I hope this letter provides,&#8221; Dorsey&#8217;s letter concluded.<\/p>\n<p>Dorsey said the company would focus on its go-to-market strategy, targeting local restaurants and services businesses to grow, and would refocus engineering talent using A.I. technology.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/02\/block-sq-earnings-report-q3-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst estimates on the top and bottom line and showed strong growth in both Cash App and Square revenue. Here&#8217;s how the company did, compared to an analyst consensus from LSEG, formerly Refinitiv:<\/p>\n","protected":false},"author":1,"featured_media":31676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-31675","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Block shares surge after earnings beat and strong Square, Cash App growth | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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