Block & Square logos with devices
Block reported higher earnings for the 3rd quarter, but revenues of $5.98 billion missed analysts’ estimates of $6.24 billion. The payment processor is known for its ubiquitous Square device serving merchants and mobile Cash App serving consumers.
“We outperformed our gross profit and profitability guidance in the third quarter of 2024,” said CEO Jack Dorsey. “Cash App continued its strong performance, driven primarily by growth in inflows per active and an increase in monetization rate.”
The company also disclosed that 8,300 bitcoin were on its balance sheet as of September 30, 2024. The cryptocurrency holding is currently worth about $630 million.
Square is trading at $71 a share, down nearly from 5% from yesterday and almost breakeven year-to-date.
