Block, Inc. (formerly known as Square, Inc.) reported a robust financial performance for the third quarter of 2024, with significant year-over-year growth. The company's gross profit surged to $2.2 billion, marking a 19% increase from the previous year. Cash App, a key component of Block's ecosystem, contributed a gross profit of $1.3 billion, up 21% year over year. Square, another major segment, saw its gross profit rise by 16% to $932.4 million, bolstered by strong performance in banking products and software and integrated payments. Operating income reached $323.0 million, a substantial improvement from the operating loss of $9.9 million in the third quarter of 2023. Net income attributable to common stockholders was $283.8 million, compared to a net loss of $88.7 million in the same period last year...Show More

Block, Inc. (formerly known as Square, Inc.) reported a robust financial performance for the third quarter of 2024, with significant year-over-year growth. The company's gross profit surged to $2.2 billion, marking a 19% increase from the previous year. Cash App, a key component of Block's ecosystem, contributed a gross profit of $1.3 billion, up 21% year over year. Square, another major segment, saw its gross profit rise by 16% to $932.4 million, bolstered by strong performance in banking products and software and integrated payments. Operating income reached $323.0 million, a substantial improvement from the operating loss of $9.9 million in the third quarter of 2023. Net income attributable to common stockholders was $283.8 million, compared to a net loss of $88.7 million in the same period last year. Adjusted EBITDA also showed a significant increase to $807.5 million from $477.5 million. Block's business development was marked by the acquisition of Afterpay in January 2022, enhancing its buy now, pay later platform. The company also operates TIDAL, a global music platform, and TBD, an open developer platform, contributing to its mission of economic empowerment. Block's future plans include a continued focus on disciplined growth and cost efficiencies, with an absolute cap on employee numbers and greater expense discipline. The company's liquidity position strengthened, ending the quarter with $10.7 billion in available liquidity, a $3.0 billion increase from the end of 2023. Block's board authorized a share repurchase program, with $1.1 billion already repurchased, including $345.6 million in the third quarter of 2024. Revenue streams showed healthy growth, with transaction-based revenue up 3% and subscription and services-based revenue increasing by 20%. Bitcoin revenue saw a modest increase, contributing significantly to total net revenue despite representing a smaller portion of total gross profit.