On May 2, 2024, Block, Inc. (formerly known as Square) released its financial results for the first quarter ended March 31, 2024. The company reported a 22% year-over-year increase in gross profit, reaching $2.09 billion. Net income attributable to common stockholders was $472 million, with an Adjusted EBITDA of $705 million, marking a significant 91% increase from the previous year. Block's total net revenue was $5.96 billion, a 19% increase year over year, with revenue excluding bitcoin transactions at $3.23 billion, up 14% year over year. The company's Bitcoin operations generated a gross profit of $80 million, accounting for 3% of Block's total gross profit, with bitcoin revenue totaling $2.73 billion. Block emphasized its commitment to bitcoin, investing 10% of its bitcoin product gross profit into bitcoin purchases and holding approximately $573 million...Show More

On May 2, 2024, Block, Inc. (formerly known as Square) released its financial results for the first quarter ended March 31, 2024. The company reported a 22% year-over-year increase in gross profit, reaching $2.09 billion. Net income attributable to common stockholders was $472 million, with an Adjusted EBITDA of $705 million, marking a significant 91% increase from the previous year. Block's total net revenue was $5.96 billion, a 19% increase year over year, with revenue excluding bitcoin transactions at $3.23 billion, up 14% year over year. The company's Bitcoin operations generated a gross profit of $80 million, accounting for 3% of Block's total gross profit, with bitcoin revenue totaling $2.73 billion. Block emphasized its commitment to bitcoin, investing 10% of its bitcoin product gross profit into bitcoin purchases and holding approximately $573 million in bitcoin assets. The company also highlighted its non-GAAP financial measures, including Adjusted Operating Income and Adjusted EBITDA, to provide a clearer picture of its operating performance. Block's Cash App continued to show strong growth with $1.26 billion in gross profit, up 25% year over year, driven by inflows per active and monetization rate. The Square ecosystem also performed well, with a 19% increase in gross profit, primarily due to banking products and international markets. The company's outlook for Q2 2024 anticipates a gross profit between $2.165 billion and $2.185 billion, with an Adjusted EBITDA of $670 million to $690 million. Block's full-year outlook has been raised to reflect a gross profit of at least $8.78 billion, representing a 17% growth year over year, and an Adjusted Operating Income of at least $1.30 billion.