On November 7, 2024, Block, Inc., formerly known as Square, released its third-quarter financial results for the period ending September 30, 2024. The company, which is incorporated in Delaware and listed on the New York Stock Exchange under the trading symbol SQ, reported a 19% year-over-year increase in gross profit, reaching $2.25 billion. The financial technology firm also announced a conference call and earnings webcast to discuss the results. Block highlighted the successful integration of Afterpay into its Cash App Card, transforming 24 million cards into a credit card alternative. The company began offering capital to sellers in 2013, addressing a market gap for small businesses. Since then, Block has underwritten over $22 billion in loans globally, with loss rates below 3%. The company's lending products...Show More

On November 7, 2024, Block, Inc., formerly known as Square, released its third-quarter financial results for the period ending September 30, 2024. The company, which is incorporated in Delaware and listed on the New York Stock Exchange under the trading symbol SQ, reported a 19% year-over-year increase in gross profit, reaching $2.25 billion. The financial technology firm also announced a conference call and earnings webcast to discuss the results. Block highlighted the successful integration of Afterpay into its Cash App Card, transforming 24 million cards into a credit card alternative. The company began offering capital to sellers in 2013, addressing a market gap for small businesses. Since then, Block has underwritten over $22 billion in loans globally, with loss rates below 3%. The company's lending products, including Square Loans, Afterpay Buy Now Pay Later, and Cash App Borrow, have shown strong performance, with high returns on invested capital. Block's strategy includes a diverse funding mix and a focus on technology, transparency, and simplicity in its lending products. The company's net income attributable to common stockholders was $284 million, with an Adjusted EBITDA of $807 million, up 69% year over year. The report also detailed the company's initiatives to bank its base, increase engagement, and expand its financial services and commerce offerings.