{"id":6241,"date":"2023-11-02T21:17:44","date_gmt":"2023-11-02T21:17:44","guid":{"rendered":"https:\/\/connectwithfund.com\/news\/block-shares-surge-after-earnings-beat-and-increased-full-year-guidance\/"},"modified":"2023-11-02T21:17:45","modified_gmt":"2023-11-02T21:17:45","slug":"block-shares-surge-after-earnings-beat-and-increased-full-year-guidance","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=6241","title":{"rendered":"Block shares surge after earnings beat and increased full-year guidance"},"content":{"rendered":"<div id=\"RegularArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"RegularArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p>Shares of fintech firm <span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"RegularArticle-QuoteInBody-1\">Block<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" aria-label=\"Add To Watchlist\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst estimates on the top and bottom line and showed strong growth in both Cash App and Square revenue.<\/p>\n<p>Here&#8217;s how the company did, compared to an analyst consensus from LSEG, formerly Refinitiv:<\/p>\n<ul>\n<li><strong>Earnings per share: <\/strong>55 cents, adjusted, vs. 47 cents expected<\/li>\n<li><strong>Revenue: <\/strong>$5.62 billion, vs. $5.44 billion expected<\/li>\n<\/ul>\n<p>The company also hiked its guidance.<\/p>\n<p>The company had previously guided to $1.5 billion in full-year adjusted EBITDA but now expects adjusted EBITDA to come in between $1.66 billion and $1.68 billion.<\/p>\n<p>The company is guiding to adjusted full-year operating income of $205 million to $225 million, a sharp increase from prior guidance of $25 million. Analysts surveyed by LSEG had expected full-year revenue guidance to come in at $21.54 billion. The company didn&#8217;t provide full-year revenue guidance but did guide to $875 million in adjusted operating income for 2024.<\/p>\n<p>Additionally, Block now expects 2023 gross profit ranging from $7.44 billion to $7.46 billion. <\/p>\n<p>&#8220;In 2024 we expect a significant improvement in Adjusted Operating Income margin on a year-over-year basis in 2024 compared to 2023. Our outlook does not assume any additional macroeconomic deterioration, which could impact our results,&#8221; the company said in its shareholder letter.<\/p>\n<p>During Q3, net revenue grew 24% year-over-year, from $4.52 billion to $5.62 billion. Bitcoin revenue climbed from $1.76 billion to $2.42 billion year-over-year. Gross profit climbed 21% compared to the year-ago period, from $1.57 billion to $1.90 billion.<\/p>\n<p>Adjusted EBITDA came in at $477 million, compared to $327 million in the year-ago period. There was particularly strong growth in Block&#8217;s payment platform, Cash App, and its point-of-sale suite, Square. Cash App revenue was $3.58 billion, growing 34% year-over-year, while Square revenue grew 12% year-over-year to $1.98 billion.<\/p>\n<p>&#8220;We&#8217;ve been quiet lately because we&#8217;ve been focused,&#8221; Block co-founder Jack Dorsey said in a letter to shareholders. Block was the target of a short-seller attack earlier this year which alleged its Cash App product facilitated fraud. &#8220;We want to thank all of you for your trust and continued belief in our work. We will work to balance that trust with accountability, some of which I hope this letter provides,&#8221; Dorsey&#8217;s letter concluded.<\/p>\n<p>Dorsey said the company would focus on its go-to-market strategy, targeting local restaurants and services businesses to grow, and would refocus engineering talent using A.I. technology.<\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/11\/02\/block-sq-earnings-report-q3-2023.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst estimates on the top and bottom line and showed strong growth in both Cash App and Square revenue. Here&#8217;s how the company did, compared to an analyst consensus from LSEG, formerly Refinitiv: Earnings per share: 55 cents, adjusted, vs. 47 cents expected Revenue: $5.62 billion, vs. $5.44 billion expected The company also hiked its guidance. The company had previously guided to $1.5 billion in full-year adjusted EBITDA but now expects adjusted EBITDA to come in between $1.66<\/p>\n","protected":false},"author":1,"featured_media":6242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-6241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Block shares surge after earnings beat and increased full-year guidance | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/connectwithfund.com\/?p=6241\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Block shares surge after earnings beat and increased full-year guidance | ConnectWithFund\" \/>\n<meta property=\"og:description\" content=\"Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst\" \/>\n<meta property=\"og:url\" content=\"https:\/\/connectwithfund.com\/?p=6241\" \/>\n<meta property=\"og:site_name\" content=\"ConnectWithFund\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-02T21:17:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-02T21:17:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/connectwithfund.com\/wp-content\/uploads\/2023\/11\/106892567-1622830697901-jack.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/connectwithfund.com\/?p=6241\",\"url\":\"https:\/\/connectwithfund.com\/?p=6241\",\"name\":\"Block shares surge after earnings beat and increased full-year guidance | ConnectWithFund\",\"isPartOf\":{\"@id\":\"https:\/\/connectwithfund.com\/#website\"},\"datePublished\":\"2023-11-02T21:17:44+00:00\",\"dateModified\":\"2023-11-02T21:17:45+00:00\",\"author\":{\"@id\":\"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52\"},\"description\":\"Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst\",\"breadcrumb\":{\"@id\":\"https:\/\/connectwithfund.com\/?p=6241#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/connectwithfund.com\/?p=6241\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/connectwithfund.com\/?p=6241#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/connectwithfund.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Block shares surge after earnings beat and increased full-year guidance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/connectwithfund.com\/#website\",\"url\":\"https:\/\/connectwithfund.com\/\",\"name\":\"FinMarkPros\",\"description\":\"Latest Finance News and Updates\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/connectwithfund.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/connectwithfund.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"https:\/\/connectwithfund.com\"],\"url\":\"https:\/\/connectwithfund.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Block shares surge after earnings beat and increased full-year guidance | ConnectWithFund","description":"Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/connectwithfund.com\/?p=6241","og_locale":"en_US","og_type":"article","og_title":"Block shares surge after earnings beat and increased full-year guidance | ConnectWithFund","og_description":"Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst","og_url":"https:\/\/connectwithfund.com\/?p=6241","og_site_name":"ConnectWithFund","article_published_time":"2023-11-02T21:17:44+00:00","article_modified_time":"2023-11-02T21:17:45+00:00","og_image":[{"width":1920,"height":1080,"url":"https:\/\/connectwithfund.com\/wp-content\/uploads\/2023\/11\/106892567-1622830697901-jack.jpg","type":"image\/jpeg"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/connectwithfund.com\/?p=6241","url":"https:\/\/connectwithfund.com\/?p=6241","name":"Block shares surge after earnings beat and increased full-year guidance | ConnectWithFund","isPartOf":{"@id":"https:\/\/connectwithfund.com\/#website"},"datePublished":"2023-11-02T21:17:44+00:00","dateModified":"2023-11-02T21:17:45+00:00","author":{"@id":"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52"},"description":"Shares of fintech firm Block surged as much as 19% in after-hours trading Thursday, after the company reported third-quarter earnings that beat analyst","breadcrumb":{"@id":"https:\/\/connectwithfund.com\/?p=6241#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/connectwithfund.com\/?p=6241"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/connectwithfund.com\/?p=6241#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/connectwithfund.com\/"},{"@type":"ListItem","position":2,"name":"Block shares surge after earnings beat and increased full-year guidance"}]},{"@type":"WebSite","@id":"https:\/\/connectwithfund.com\/#website","url":"https:\/\/connectwithfund.com\/","name":"FinMarkPros","description":"Latest Finance News and Updates","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/connectwithfund.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/connectwithfund.com\/#\/schema\/person\/9344cb2de07361e178f5c834d2167e52","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/connectwithfund.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3740b286006c76c86a45c4879850da000667bb6f5bbe053edd4a416d2cc4fb80?s=96&d=mm&r=g","caption":"admin"},"sameAs":["https:\/\/connectwithfund.com"],"url":"https:\/\/connectwithfund.com\/?author=1"}]}},"_links":{"self":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts\/6241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6241"}],"version-history":[{"count":1,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts\/6241\/revisions"}],"predecessor-version":[{"id":6243,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/posts\/6241\/revisions\/6243"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=\/wp\/v2\/media\/6242"}],"wp:attachment":[{"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/connectwithfund.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}