Block Shares Rally On Q2 Results, Forward Guidance
Portfolio Pulse from Erica Kollmann
Block, Inc. (NYSE:SQ) shares rose after the company reported Q2 earnings of 31 cents per share, missing estimates by 8.82%. Sales were $6.115 billion, missing estimates by 2.57% but up 10.48% YoY. Gross profit grew 20% YoY, with Cash App and Square showing strong performance. The company increased its share repurchase program by $3 billion and provided positive forward guidance.
August 01, 2024 | 9:22 pm
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Block, Inc. reported Q2 earnings of 31 cents per share, missing estimates by 8.82%. Sales were $6.115 billion, missing estimates by 2.57% but up 10.48% YoY. Gross profit grew 20% YoY, with Cash App and Square showing strong performance. The company increased its share repurchase program by $3 billion and provided positive forward guidance.
Despite missing earnings and sales estimates, Block, Inc. showed strong YoY growth in gross profit and provided positive forward guidance. The increase in the share repurchase program is also a positive signal to investors, likely driving the stock price up in the short term.
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