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Block, Inc. (NYSE:SQ) shares are up after the company reported its second-quarter financial results Thursday. Here's a look at the key figures from the report.
The Details: Block reported quarterly earnings of 31 cents per share which missed the analyst consensus estimate of 34 cents by 8.82%. Quarterly sales came in at $6.115 billion, missing the analyst consensus estimate of $6.276 billion by 2.57% and representing a 10.48% increase from the same period last year.
Block said gross profit grew 20% year-over-year in the second quarter. Square generated gross profit of $923 million, up 15% year-over-year, and Cash App generated gross profit of $1.3 billion, up 23% year-over-year.
Bitcoin (CRYPTO: BTC) gross profit was $67 million in the second quarter of 2024. The total sale amount of Bitcoin sold to customers, which Block recognizes as Bitcoin revenue, was $2.61 billion. Bitcoin gross profit was 3% of its revenue.
Block’s board of directors authorized an increase to its share repurchase program of up to an additional $3 billion of its Class A Common Stock.
“We outperformed our gross profit and profitability guidance in the second quarter of 2024. Gross profit grew 20% year over year to $2.23 billion. Cash App exceeded our expectations with gross profit growth of 23% year over year, driven primarily by growth in inflows per active and an increase in monetization rate, behind strong performance across Cash App Card, Cash App Borrow, and our BNPL platform,” the company said in a letter to shareholders.
“Square gross profit grew 15% year over year in the second quarter, in line with our expectations, behind strength in software and integrated payments and our banking products.”
Outlook: Block sees third-quarter gross profit up 17% and full-year gross profit up 18%.
Read Also: Ferrari Shares Race Higher On Strong Q2 Results
SQ Price Action: According to Benzinga Pro, Block shares are up 5.76% after-hours at $63.35 at the time of publication Thursday.
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