Summary by Futu AI
Block reported robust Q3 2024 results with total revenue rising 6% year-over-year to $6.0 billion and net income attributable to common stockholders of $283.8 million, compared to a net loss of $88.7 million in Q3 2023. Gross profit grew 19% to $2.2 billion, driven by strong performance across both major segments. Operating income reached $323.0 million versus a loss of $9.9 million last year.Cash App delivered impressive growth with gross profit up 21% to $1.3 billion, powered by strength in financial services products including Cash App Card, BNPL platform, and Cash App Borrow. Square's gross profit rose 16% to $932.4 million, with notable momentum in banking products and integrated payments. Transaction-based revenue increased 3% to $1.7 billion on 4% GPV growth.The company maintained strong liquidity with $10.7 billion available, including $9.9 billion in cash and investments. Block repurchased $345.6 million of stock in Q3 as part of its expanded $4 billion share repurchase program. Management highlighted continued focus on disciplined growth and cost efficiencies while maintaining its 12,000 employee cap to drive operational improvements.
