Block Q3 Earnings Shines: Revenue Up 24%, Cash App Users Up 11%, $1B Buyback And More
Portfolio Pulse from Adam Eckert
Block Inc (NYSE:SQ) reported Q3 financial results with a 24% YoY increase in revenue to $5.62 billion, beating the consensus estimate of $5.441 billion. Excluding Bitcoin revenues, total revenue was $3.19 billion, up 16% YoY. The company reported Q3 adjusted earnings of 55 cents per share, beating estimates of 47 cents per share. Gross profits were up 21% YoY and gross payment volume was up 10% YoY. Cash App total monthly transacting users grew to 55 million, up 11% YoY. Block also authorized a $1 billion share repurchase program.
November 02, 2023 | 8:32 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Block Inc reported strong Q3 results, beating estimates and showing significant YoY growth. The company also announced a $1 billion share repurchase program.
Block Inc's strong Q3 results and the announcement of a $1 billion share repurchase program are likely to have a positive impact on the company's stock price in the short term.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
Block Inc's Q3 results showed that excluding Bitcoin revenues, total revenue was $3.19 billion, up 16% YoY.
While Bitcoin revenues contribute to Block Inc's total revenue, the company's performance excluding Bitcoin revenues does not directly impact the price of Bitcoin.
CONFIDENCE 100
IMPORTANCE 50
RELEVANCE 50