Block shares will see an after-hours surge as Q1 highs.
Fintech company Bloc's first-quarter results beat Wall Street analysts' earnings and revenue estimates, sending its shares jumping after hours.
On May 2, Block, Inc. Its Q1 2024 results will show revenue of $5.96 billion — beating the $5.75 billion estimate from analyst firm Zacks by 3.54 percent.
Block's earnings were $0.85 per share – up from Zacks' estimate of $0.62 per share. Its Q1 gross profit reached $2.09 billion, up 22 percent from the previous quarter, and it reported net income of $472 million.
The company's mobile payments and crypto platform cash app reported $1.26 billion in gross profit for Q1 — up 25% year-over-year. The platform's revenue also rose 23 percent to $4.17 billion from the previous quarter.
Block raised its second-quarter gross profit outlook to $2.185 billion, up slightly from $2.165 billion previously. The company lowered its EBITDA forecast to $690 million from $670 million.
Block, Inc. ( SQ ) shares closed up 5.1% at $70.30 on May 2, jumping 6.8% to $74.90 after hours, according to Google Finance.
The stock is down 2.6 percent year-to-date — down from $73 to $66 earlier this week, after NBC News reported that U.S. prosecutors are investigating the company after its Square and Cash app businesses allegedly conducted transactions with terrorist groups. Users in restricted countries.
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“Why are you all spending so much time on Bitcoin?” Block co-founder Jack Dorsey opened the shareholder letter. By answering the question.
Dorsey says that less than 3% of his wealth goes to Bitcoin-related projects, which are “fully covered” by the Bitcoin currency's profits, but that this is necessary because “the world needs an open protocol for money that is not owned or controlled.” Any single entity”.
“We believe that Bitcoin is the best and only candidate to become a protocol,” he wrote. Dorsey added that he used the blockchain and said, “The open financial protocol will help us quickly serve more people around the world.”
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