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Block Stock Soars on Q1 Earnings, Strategic Bitcoin Investment: Details – Block (NYSE:SQ)

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7 months ago

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Block, Inc. SQUARE shares rose after the company released its first-quarter financial results on Thursday. Here is one see the highlights.

Block reported quarterly sales of $5.957 billion, which surpassed analysts’ consensus estimate of $5.821 billion, representing a 19.38% increase over last year’s sales of $4.99 billion.

The company reported adjusted earnings of 85 cents per share, up from 72 cents per share consensus estimate.

Cash App generated a quarterly gross profit of $1.26 billion, a 25% increase year over year, and Square generated a gross profit of $820 million, a 19% increase year over year. The gross payment volume for the first quarter was US$54.43 billion.

Block announced a strategic investment in Bitcoin BTC/USD following numerous positive developments both within the company and in the broader market.

In April, Block implemented a Bitcoin Dollar Cost Average (DCA) purchasing program that will last until 2024. Under the program, Block will invest 10% of its gross profit from Bitcoin products into Bitcoin purchases.

“We also believe in investing in the overall asset of the ecosystem and keeping bitcoin in our treasury. Going forward, each month we will invest 10% of our gross profit from bitcoin products into bitcoin.

shopping. We were one of the first public companies to put bitcoin on our balance sheet: we invested US$220 million in bitcoin, and that investment grew approximately 160% to US$573 million at the end of the first quarter,” he said. Jack DorseyCEO of the block.

Panorama: Block sees second-quarter gross profit of $2.165 billion to $2.185 billion.

Related news: Rivian Automotive Receives $827 Million Incentive Package: What’s Happening to Rivian Stock?

SQ Price Action: According to Benzinga ProThe block’s shares were up 8.15% after hours at $76.01 at press time on Thursday.

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