Shares of financial services company Block Inc. (NYSE: SQ) jumped as much as 14% in after-hours trading Thursday after the company reported better-than-expected fourth-quarter financial results. The company, formerly known as Square, reported revenue of $5.77 billion, which beat Wall Street estimates.
Perhaps most notably, Block reported a surprise profit in a quarter when analysts had expected a loss. Strong growth of Block’s Cash App and Square products fueled strong performance, with total net revenue reaching $5.77 billion compared to expectations of $5.7 billion. Block also raised its full-year adjusted EBITDA guidance to at least $2.63 billion from its previous forecast of $2.4 billion.
Source: Block
Block’s Cash App usage metrics remained solid during the quarter. peer to peer payment
payment
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Read these terms The app had 56 million monthly active users in December, many of whom actively took advantage of features like ATM cards and direct deposit. Block said the Cash Card itself currently boasts 23 million monthly active users.
The news sent shares of the block higher on Wall Street even after official session hours on Thursday.
Source: Tradingview.com
“Cash App aims to be one of the leading providers of banking services to households in the U.S. generating up to $150,000 in annual revenue, a segment that represents approximately 80% of consumers and more than 50% of household income. “, the company said. From the report.
The fourth quarter was a transitional year for the payments company. Formerly known as Square, the company rebranded as Block in December to better reflect its growing product line in areas like cryptocurrency and music. Also this year, high-profile CEO Jack Dorsey stepped down from his dual role leading Twitter to focus solely on Block.
“We believe this strategy will allow us to build the largest long-term network with a highly engaged customer base that uses Cash App as their primary banking solution,” Dorsey said.
Big trim on the block
Despite achieving strong financial results and positive market reaction in after-hours trading, Block Inc. is facing challenges, including implementing layoffs as part of a cost-cutting strategy that began the previous year. Reuters recently cited internal sources saying the company began cutting its workforce in January to streamline operations and control costs.
In November 2023, Block Inc. unveiled plans to reduce its workforce from approximately 13,000 to 12,000 by the end of 2024, a first step toward achieving this reduction through performance reviews and restructuring following recent workforce reductions. represents . The company acknowledged that its workforce has expanded faster than its main business and revenue streams.
Block Inc., owned by Dorsey, is known as one of the most important public companies he has invested in. Bitcoin
Bitcoin
Some people may still wonder what Bitcoin is, who created Bitcoin, and how Bitcoin works, but one thing is for sure: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized digital asset or blockchain technology. In fact, we’ve come a long way since Florida resident Laszlo Hanyecz signed the first official commercial transaction in BTC with an actual company, trading 10,000 Bitcoin for two pizzas at his local Papa John’s. Now one could argue that:
Some people may still wonder what Bitcoin is, who created Bitcoin, and how Bitcoin works, but one thing is for sure: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized digital asset or blockchain technology. In fact, we’ve come a long way since Florida resident Laszlo Hanyecz signed the first official commercial transaction in BTC with an actual company, trading 10,000 Bitcoin for two pizzas at his local Papa John’s. Now one could argue that:
Read these terms, holds over 8,000 tokens worth approximately $342 million. Among the notable BTC investments were $170 million worth of purchases nearly three years ago at an average price of $51,000 per Bitcoin, highlighting BTC’s significant position in the cryptocurrency market.
Shares of financial services company Block Inc. (NYSE: SQ) jumped as much as 14% in after-hours trading Thursday after the company reported better-than-expected fourth-quarter financial results. The company, formerly known as Square, reported revenue of $5.77 billion, which beat Wall Street estimates.
Perhaps most notably, Block reported a surprise profit in a quarter when analysts had expected a loss. Strong growth of Block’s Cash App and Square products fueled strong performance, with total net revenue reaching $5.77 billion compared to expectations of $5.7 billion. Block also raised its full-year adjusted EBITDA guidance to at least $2.63 billion from its previous forecast of $2.4 billion.
Source: Block
Block’s Cash App usage metrics remained solid during the quarter. peer to peer payment
payment
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Payment, one of the foundations of modern society’s medium of exchange, refers to the transfer of fiat currency or its equivalent from one party to another in exchange for goods or services. Although the players and means of exchange involved have changed dramatically over time, the payments industry has become a fixture of modern commerce. In particular, the party making the payment is called the payer, and the payee refers to the individual or entity receiving the payment. payment. most common
Read these terms The app had 56 million monthly active users in December, many of whom actively took advantage of features like ATM cards and direct deposit. Block said the Cash Card itself currently boasts 23 million monthly active users.
The news sent shares of the block higher on Wall Street even after official session hours on Thursday.
Source: Tradingview.com
“Cash App aims to be one of the leading providers of banking services to households in the U.S. generating up to $150,000 in annual revenue, a segment that represents approximately 80% of consumers and more than 50% of household income. “, the company said. From the report.
The fourth quarter was a transitional year for the payments company. Formerly known as Square, the company rebranded as Block in December to better reflect its growing product line in areas like cryptocurrency and music. Also this year, high-profile CEO Jack Dorsey stepped down from his dual role leading Twitter to focus solely on Block.
“We believe this strategy will allow us to build the largest long-term network with a highly engaged customer base that uses Cash App as their primary banking solution,” Dorsey said.
Big trim on the block
Despite achieving strong financial results and positive market reaction in after-hours trading, Block Inc. is facing challenges, including implementing layoffs as part of a cost-cutting strategy that began the previous year. Reuters recently cited internal sources saying the company began cutting its workforce in January to streamline operations and control costs.
In November 2023, Block Inc. unveiled plans to reduce its workforce from approximately 13,000 to 12,000 by the end of 2024, a first step toward achieving this reduction through performance reviews and restructuring following recent workforce reductions. represents . The company acknowledged that its workforce has expanded faster than its main business and revenue streams.
Block Inc., owned by Dorsey, is known as one of the most important public companies he has invested in. Bitcoin
Bitcoin
Some people may still wonder what Bitcoin is, who created Bitcoin, and how Bitcoin works, but one thing is for sure: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized digital asset or blockchain technology. In fact, we’ve come a long way since Florida resident Laszlo Hanyecz signed the first official commercial transaction in BTC with an actual company, trading 10,000 Bitcoin for two pizzas at his local Papa John’s. Now one could argue that:
Some people may still wonder what Bitcoin is, who created Bitcoin, and how Bitcoin works, but one thing is for sure: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized digital asset or blockchain technology. In fact, we’ve come a long way since Florida resident Laszlo Hanyecz signed the first official commercial transaction in BTC with an actual company, trading 10,000 Bitcoin for two pizzas at his local Papa John’s. Now one could argue that:
Read these terms, holds over 8,000 tokens worth approximately $342 million. Among the notable BTC investments were $170 million worth of purchases nearly three years ago at an average price of $51,000 per Bitcoin, highlighting BTC’s significant position in the cryptocurrency market.