Block Reports Blockbuster Results, Raises Guidance: Analysts Talk Square, Cash App, More
Portfolio Pulse from Priya Nigam
Block Inc (NYSE:SQ) reported strong first-quarter results, surpassing expectations with a gross profit of $2.09 billion and EBITDA of $705 million. Analysts from JPMorgan, Mizuho Securities, BMO Capital Markets, Benchmark, Wedbush, Oppenheimer, and JMP Securities provided insights, with most maintaining positive ratings and raising price targets. Key highlights include Cash App's growth, Square's performance, and raised guidance for 2024 gross profit growth. Shares of Block rose 1.29% to $71.23 following the announcement.
May 03, 2024 | 3:32 pm
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Block Inc reported strong Q1 results with a gross profit of $2.09 billion and EBITDA of $705 million, surpassing expectations. Analysts remain positive, with several raising their price targets. Shares rose 1.29% to $71.23.
The positive earnings report and the subsequent analyst endorsements highlight strong performance and future growth potential, likely leading to increased investor confidence and a positive short-term impact on SQ's stock price.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100