$SQ (+3.97%) | Block Q3 Earnings Highlights:

🔹 Revenue: $5.98B (Est. $6.26B) 🔴; UP +6% YoY

🔹 EPS: $0.45 (Est. $0.88) 🔴

🔹 Gross Payment Volume (GPV): $62.5B; UP +4% YoY

FY24 Guidance:

🔹 Gross Profit: At least $8.89B; UP +18% YoY

🔹 Adjusted Operating Income: At least $1.56B (18% margin)

🔸 Rule of 40 target raised to 36 (from 35)

Segment Revenue:

🔹 Cash App: $3.93B; UP +5.8% YoY

🔹 Square: $2.00B; UP +8% YoY

🔹 Corporate & Other: $44M; DOWN -11% YoY

Other Key Metrics:

🔹 Gross Profit: $2.25B; UP +19% YoY

🔹 Net Income: $284M vs -$89M in Q3 2023

🔹 Operating Income: $323M vs -$10M in Q3 2023

🔹 Adjusted EBITDA: $807M; UP +69% YoY

🔹 Adjusted Operating Income: $444M vs $90M in Q3 2023

Business Highlights:

🔸 Cash App Card monthly actives grew 11% YoY to 24M

🔸 Cash App monthly transacting actives reached 57M

🔸 Square international gross profit grew 30% YoY to $129M

🔸 Square Loans facilitated 136,000 loans totaling $1.38B; UP +18% YoY

🔸 Afterpay GMV reached $8.24B; UP +23% YoY

Outlook for Q4 2024:

🔹 Gross Profit: $2.31B (Est. +14% YoY)

🔹 Adjusted EBITDA: $725M (31% margin)

🔹 Adjusted Operating Income: $355M (15% margin)

CEO Jack Dorsey’s Commentary:

🔸 "We're transforming 24 million Cash App Cards into a compelling alternative to credit cards with the Afterpay integration. This quarter, we’re focused on expanding our lending products, risk management, and sustaining our competitive advantage."