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business5 months ago

Block Shares Surge on Strong Earnings and Positive Outlook

Square's parent company Block reported Q2 earnings that slightly missed expectations but saw improvements in key financial metrics like gross profit and EBITDA, leading to a nearly 6% stock increase. The company raised its 2025 gross profit outlook and highlighted growth in its banking and Cash App segments, despite some revenue decline and flat user numbers. Overall, strong financial performance and positive outlooks boosted investor confidence.

via Investor's Business Daily|
#business#cash-app#financial-metrics
finance1 year ago

Last Chance to Claim Up to $2,500 in Cash App Settlement

Cash App users have until November 18, 2024, to claim part of a $15 million settlement from a class action lawsuit against Block Inc. and Cash App Investing. The lawsuit accused the companies of negligence after unauthorized access to user accounts in 2022 and 2023. Eligible users can receive up to $2,500 for out-of-pocket losses and $75 for lost time, provided they submit necessary documentation. A final approval hearing for the settlement is scheduled for January 13, 2025.

via KTLA Los Angeles|
#block-inc#cash-app#class-action
business1 year ago

Block Faces Revenue Miss and Stock Slump Amid Restructuring

Block, formerly known as Square, reported third-quarter revenue of $5.98 billion, missing Wall Street expectations of $6.24 billion, but slightly beat earnings estimates with 88 cents per share. Despite the revenue miss, investors focused on the company's profitability, with gross profit rising 19% to $2.25 billion. The Cash App business saw a 21% increase in gross profit, contributing significantly to overall profitability. Block's CEO, Jack Dorsey, highlighted the company's focus on lending products and future monetization strategies, while also scaling back investments in non-core areas like Tidal and TBD.

via CNBC|
#block#business#cash-app
finance1 year ago

"Fintech Frenzy: Block's Surging Stock and Bitcoin Bet Pay Off"

Block's fourth-quarter revenue of $5.77 billion exceeded Wall Street's expectations, with a 22% year-over-year gain in gross profit. The company's focus on moving from small to mid-market, potential partnerships with independent software vendors, and stringent financial discipline are positioning it to stand out in the fintech sector. Despite a slowdown in its merchant business, Block's Cash App is driving growth, leading to increased investor confidence in the company's ability to unlock earnings. The company is also focusing less on international operations and disposing of unprofitable businesses to enhance its portfolio.

via Yahoo Finance|
#block#cash-app#earnings
financetechnology1 year ago

"Block's Bitcoin Bet Pays Off: Shares Surge on Surprise Profit and Upbeat Guidance"

Fintech company Block, owned by Jack Dorsey, reported a $207 million gain on its bitcoin holdings in its fourth-quarter earnings report, with approximately 8,038 BTC for investment purposes. The company made $66 million in gross profit on bitcoin sales last quarter through Cash App, with shares of Block (NASDAQ: SQ) rising 13% in after-hours trading to $76. Overall, Block reported a 22% yearly growth in gross profit to $2.03 billion, with Square generating a gross profit of $828 million and Cash App generating a gross profit of $1.18 billion.

via CoinDesk|
#bitcoin#block#cash-app
finance1 year ago

"Block's Bitcoin Bets Yield $207M Gains, Shares Surge 14%"

Block, led by Jack Dorsey, reported a $66 million gross profit on Bitcoin sales through Cash App in the fourth quarter of 2023, with a 90% increase year over year. The company's total Bitcoin revenue was $2.52 billion, up 37% year over year, and it recognized a $207 million gain from its Bitcoin investments. Block's mobile Cash App generated $205 million in Bitcoin gross profit and $9.50 billion in Bitcoin revenue in 2023, up 31% and 34% year over year, respectively. The company's total revenues increased to $9.5 billion, representing 33.54% growth from the previous year.

via Decrypt|
#bitcoin#block#cash-app
finance1 year ago

"Block's Surprise Profit Sends Shares Soaring"

Block, formerly known as Square, saw its stock surge up to 14% in after-hours trading following the announcement of better-than-expected fourth-quarter earnings, with $5.77 billion in revenue and $2.03 billion in gross profit. The company, led by CEO Jack Dorsey, reported strong growth in its Square and Cash App businesses, with 56 million monthly transacting actives for Cash App in December and a 25% year-over-year rise in Cash App gross profit. Block also raised its adjusted EBITDA forecast and emphasized its focus on building a large network with an engaged customer base.

via CNBC|
#block#cash-app#earnings
financetech2 years ago

"Rising Fraud Threat: Cash Apps Under Fire for Draining Bank Accounts"

The Better Business Bureau warns that payment apps like Venmo, Zelle, and Cash App are leaving users vulnerable to fraud, with criminals exploiting the accessibility of these apps to steal money. Users are advised to be cautious about who they pay and the amount of the transaction, to use strong passwords on their phones, and to watch out for red flags such as requests for quick debt payments or assistance through payment apps, which are likely scams.

via WTVG|
#bbb#cash-app#financetech
technology2 years ago

"Rising Concerns: The Surge of Payment App Fraud Alerts Authorities"

Manhattan District Attorney Alvin Bragg has sent letters to the owners of Venmo, Zelle, and Cash App, demanding increased protections after a surge in fraud incidents involving the exploitation of these mobile financial applications. The DA cited cases of theft and robberies across the United States, urging the companies to adopt additional security measures such as transaction limits, secondary verification, and better monitoring of unusual activity. The companies have been called to meetings, and while Square Inc and Paypal, the owners of Cash App and Venmo, have not responded, Early Warning Services, LLC, the network operator of Zelle, emphasized its commitment to providing a safe and reliable service and stated that participating financial institutions are required to reimburse consumers for confirmed fraud claims.

via KABC-TV|
#cash-app#fraud#security-measures
technology2 years ago

Manhattan DA Warns of Surging Fraud Risk with Venmo, Zelle, and Cash App

Manhattan District Attorney Alvin Bragg has sent letters to the owners of Venmo, Zelle, and Cash App, expressing concern over the vulnerability of users to fraud and theft through their mobile financial applications. The DA cited a growing number of incidents involving unauthorized access to unlocked devices, resulting in significant financial losses and even physical harm to residents. Bragg demanded that the companies adopt additional security measures, including transaction limits, secondary verification, and better monitoring of unusual activity. The companies have been called upon to meet with the district attorney to address these issues.

via ABC News|
#cash-app#fraud#manhattan-da
business2 years ago

Apple Faces Lawsuit from Venmo and Cash App Users Over P2P Payment Fees

Venmo and Cash App users have filed a proposed class-action lawsuit against Apple, alleging that the tech giant abused its market power to stifle competition in the mobile peer-to-peer payments sector. The lawsuit claims that Apple's agreements with Venmo and Cash App limit feature competition and prevent the use of decentralized cryptocurrency technology. The plaintiffs seek an injunction that could force Apple to divest or segregate its Apple Cash business. This lawsuit adds to Apple's recent antitrust challenges, including a ruling allowing payment card issuers to sue Apple over alleged anticompetitive practices involving Apple Pay.

via Reuters|
#antitrust#apple#business
music2 years ago

Drake and J. Cole Set to Rock 2024 Tour Across Multiple Cities

Drake has announced his 2024 U.S. tour, "It's All A Blur Tour - Big As The What?" with J. Cole. The tour, presented by Cash App and Visa, will kick off in January and include multiple cities across the United States. Tickets will be available for presale on November 15 and general onsale on November 17. This follows Drake's successful 2023 tour and the release of his eighth studio album, "For All the Dogs."

via Variety|
#cash-app#concert#drake
business2 years ago

Block's Bitcoin Revenue Skyrockets, Surpassing Expectations and Driving Profits

Fintech firm Block, formerly known as Square, experienced a surge in its stock price after reporting better-than-expected Q3 earnings. The company's net revenue reached $5.62 billion, with a significant portion driven by a 37.5% YoY growth in Bitcoin revenue through its mobile payment service, Cash App. Cash App generated $2.42 billion in Bitcoin revenue, accounting for more than half of Block's total net revenue. The company also revised its full-year guidance, raising its adjusted EBITDA and operating income projections. Block aims to focus on artificial intelligence to drive future growth and empower users with economic freedom.

via Decrypt|
#bitcoin-revenue#block#business
business2 years ago

"Jack Dorsey's Internal Memo: Square's Founder Reveals Plans to Address Job Cuts and Steer the Ship"

Jack Dorsey, CEO and founder of Block, has warned employees of upcoming job cuts as the company's growth has not kept pace with its number of employees. Block, which operates Square and Cash App, plans to reduce its headcount by about 10% in the coming months, bringing the number of employees down to around 12,000 by next year. The company will also implement a hiring cap until the growth of the business outpaces the growth of the company. Dorsey emphasized transparency and explained that the downsizing will be done through performance management and restructuring.

via Business Insider|
#block#business#cash-app