Block Inc
NYSE:SQ

  • LAST PRICE
    70.3000
  • TODAY'S CHANGE (%)
    0.0000 (0.0000%)
  • Bid / Lots
    75.2000/ 2
  • Ask / Lots
    75.2500/ 6
  • Open / Previous Close
    0.0000 / 70.3000
  • Day Range
    ---
  • 52 Week Range
    38.8500
    87.5200
  • Volume
    105,003

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    • 29 minutes ago by Dow Jones
      Companies Mentioned: SQ
      By Emily Dattilo and Liz Moyer Block earnings beat expectations as revenue rose 19% in the first quarter, boosted by Bitcoin. The stock is rising. The payments fintech reported adjusted earnings of 84 cents a share on revenue of $5.96 billion. Analysts expected Block to report earnings of 72 cents a share and sales of $5.83 billion for the first quarter, according to FactSet. A year ago, the company filed earnings of 40 cents a share and sales of $4.99 billion. Shares of Block jumped 7.3% in after-hours trading. The stock has taken a hit this year as competition from other digital wallet providers has grown. They are down about 9% so far this year as competition heats up. Also pressuring the stock was a May 1 report from NBC that said federal prosecutors are examining internal practices at the company, citing two people familiar with the matter. Shares dropped 8.4% that day. Block highlighted its "responsible and extensive compliance program," according to the report. The company didn't immediately respond to a request for comment Thursday. Transaction-based revenue rose 6% from the same time last year, to $1.51 billion. The company said it processed $54.4 billion in gross payment volume across its platforms, including Square and Cash App. Jack Dorsey, Block's founder, said in a letter to shareholders that less than 3% of the company's resources are dedicated to Bitcoin, and are covered by the profits from its Bitcoin exchange. But he sees it as an important effort in creating a medium of exchange for the internet. "The internet will have a native currency; it's just a matter of time," the letter said. It added that each month, 10% of the company's gross profit from Bitcoin products will be invested in Bitcoin. Block's current Bitcoin holdings are about $573 million as of the end of the first quarter, it said. For the second quarter, Block is guiding for gross profit of $2.16 billion to $2.18 billion. For the full year 2024, it raised its guidance for gross profit to $8.78 billion from $8.65 billion. Last month, Mizuho Securities analysts led by Dan Dolev boosted their price target to $106 from $99 and reiterated a Buy rating. "Reinvigorated management focus on the Cash App and Square ecosystems could potentially drive meaningful upside to the 2024 guide," Mizuho wrote at the time. Block has told investors to expect growth of at least 15% in gross profit for the year, but the team sees opportunities beyond that. The analysts say their "blue-sky scenario" is gross profit growing more than 20% this year, higher than both management's 15% forecast and Wall Street's 16% consensus. Of the analysts covering Block, 68% rate shares at Buy, according to FactSet. Write to Emily Dattilo at emily.dattilo@dowjones.com This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. Corrections & Amplifications Block reported an adjusted profit of 85 cents a share. An earlier version of this article incorrectly said it reported an adjusted profit of 74 cents a share. (END) Dow Jones Newswires May 03, 2024 07:56 ET (11:56 GMT)

    • 30 minutes ago by Dow Jones
      Companies Mentioned: SQ

      Ratings actions from Benzinga: https://www.benzinga.com/quote/SQ/analyst-ratings

      (END) Dow Jones Newswires

      May 03, 2024 07:55 ET (11:55 GMT)

    • 54 minutes ago by Dow Jones
      Companies Mentioned: EXPE, XPO, AAPL, AMGN, NET, IBRX, SQ

      This article was automatically generated by Barrons.com using technology from Automated Insights.

      With U.S. stock markets set to open in two hours, Amgen Inc. (AMGN) was up 13.6% in pre-market trading, and ImmunityBio Inc. (IBRX) was up 7.9%.

    • 1 hour ago by MT Newswires
      Companies Mentioned: NVDA, TSLA, AAPL, CVNA, BA, DJT, IBRX, SQ
      06:55 AM EDT, 05/03/2024 (MT Newswires) -- The most-talked-about stocks in the Reddit subforum Wallstreetbets were mixed hours before Friday's opening bell. ImmunityBio (IBRX) advanced by 7.9% in premarket activity, adding to its 5% increase from t...

    • 3 hours ago by Dow Jones
      Companies Mentioned: CRARY, SCGLY, EXPE, AAPL, AMGN, COIN, BRK.A, BRK.B, SQ

      By Chelsey Dulaney

      Apple (AAPL): The iPhone maker authorized $110 billion in stock buybacks and forecast a return to revenue growth in the current quarter. Apple shares climbed 6% in premarket trading.

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