Block, Inc., formerly known as Square, reported a robust financial performance for the fiscal year ending December 31, 2023. The company's gross profit surged to $7.5 billion, marking a 25% increase year over year, primarily fueled by its Cash App and Square ecosystems. Cash App's gross profit alone climbed by 33% to reach $4.3 billion, while Square's gross profit grew by 16% to $3.1 billion. Despite an operating loss of $278.8 million, Block saw a significant turnaround with a net income of $9.8 million, a 102% increase from the previous year, and an impressive 81% year-over-year increase in Adjusted EBITDA to $1.8 billion. The company's future plans include a continued focus on cost efficiency and disciplined growth, with a cap on employee numbers and a $1 billion authorization...Show More

Block, Inc., formerly known as Square, reported a robust financial performance for the fiscal year ending December 31, 2023. The company's gross profit surged to $7.5 billion, marking a 25% increase year over year, primarily fueled by its Cash App and Square ecosystems. Cash App's gross profit alone climbed by 33% to reach $4.3 billion, while Square's gross profit grew by 16% to $3.1 billion. Despite an operating loss of $278.8 million, Block saw a significant turnaround with a net income of $9.8 million, a 102% increase from the previous year, and an impressive 81% year-over-year increase in Adjusted EBITDA to $1.8 billion. The company's future plans include a continued focus on cost efficiency and disciplined growth, with a cap on employee numbers and a $1 billion authorization for Class A common stock repurchase. Block's strategic business developments included the acquisition of Afterpay, a buy now, pay later platform, and the operation of TIDAL, a global music platform, and TBD, a developer platform. The company also restructured its BNPL platform under the Cash App segment to better focus on consumer-based commerce. Block ended the year with $7.7 billion in available liquidity, including a $461.8 million cash payment for the settlement of the outstanding 2023 Convertible Notes.