1Moยท

$SQ (+1,31ย %) | Block Q3 Earnings Highlights:


๐Ÿ”น Revenue: $5.98B (Est. $6.26B) ๐Ÿ”ด; UP +6% YoY

๐Ÿ”น EPS: $0.45 (Est. $0.88) ๐Ÿ”ด

๐Ÿ”น Gross Payment Volume (GPV): $62.5B; UP +4% YoY


FY24 Guidance:

๐Ÿ”น Gross Profit: At least $8.89B; UP +18% YoY

๐Ÿ”น Adjusted Operating Income: At least $1.56B (18% margin)

๐Ÿ”ธ Rule of 40 target raised to 36 (from 35)


Segment Revenue:

๐Ÿ”น Cash App: $3.93B; UP +5.8% YoY

๐Ÿ”น Square: $2.00B; UP +8% YoY

๐Ÿ”น Corporate & Other: $44M; DOWN -11% YoY


Other Key Metrics:

๐Ÿ”น Gross Profit: $2.25B; UP +19% YoY

๐Ÿ”น Net Income: $284M vs -$89M in Q3 2023

๐Ÿ”น Operating Income: $323M vs -$10M in Q3 2023

๐Ÿ”น Adjusted EBITDA: $807M; UP +69% YoY

๐Ÿ”น Adjusted Operating Income: $444M vs $90M in Q3 2023


Business Highlights:

๐Ÿ”ธ Cash App Card monthly actives grew 11% YoY to 24M

๐Ÿ”ธ Cash App monthly transacting actives reached 57M

๐Ÿ”ธ Square international gross profit grew 30% YoY to $129M

๐Ÿ”ธ Square Loans facilitated 136,000 loans totaling $1.38B; UP +18% YoY

๐Ÿ”ธ Afterpay GMV reached $8.24B; UP +23% YoY


Outlook for Q4 2024:

๐Ÿ”น Gross Profit: $2.31B (Est. +14% YoY)

๐Ÿ”น Adjusted EBITDA: $725M (31% margin)

๐Ÿ”น Adjusted Operating Income: $355M (15% margin)


CEO Jack Dorseyโ€™s Commentary:

๐Ÿ”ธ "We're transforming 24 million Cash App Cards into a compelling alternative to credit cards with the Afterpay integration. This quarter, weโ€™re focused on expanding our lending products, risk management, and sustaining our competitive advantage."

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