Block, Inc. (formerly known as Square) reported a robust financial performance for the second quarter of 2024, with significant year-over-year growth. The company's gross profit surged to $2.2 billion, marking a 20% increase from the previous year. Cash App, a key component of Block's ecosystem, contributed a gross profit of $1.3 billion, up 23% year over year. Square's ecosystem also performed well, with a gross profit of $922.6 million, a 15% increase, driven by banking products and software and integrated payments. Operating income stood at $306.6 million, a substantial improvement from the operating loss of $132.1 million in the same quarter of the previous year. Net income attributable to common stockholders was $195.3 million, compared to a net loss of $102.0 million in the second quarter...Show More

Block, Inc. (formerly known as Square) reported a robust financial performance for the second quarter of 2024, with significant year-over-year growth. The company's gross profit surged to $2.2 billion, marking a 20% increase from the previous year. Cash App, a key component of Block's ecosystem, contributed a gross profit of $1.3 billion, up 23% year over year. Square's ecosystem also performed well, with a gross profit of $922.6 million, a 15% increase, driven by banking products and software and integrated payments. Operating income stood at $306.6 million, a substantial improvement from the operating loss of $132.1 million in the same quarter of the previous year. Net income attributable to common stockholders was $195.3 million, compared to a net loss of $102.0 million in the second quarter of 2023. Adjusted EBITDA reached $759.5 million, up from $384.4 million year over year. The company's liquidity was strengthened with $10.3 billion available, including $9.5 billion in cash and equivalents, and a $775.0 million undrawn credit facility. Block also continued its share repurchase program, buying back $798.4 million of Class A common stock in the quarter. In terms of business development, Block completed the acquisition of Afterpay in January 2022, enhancing its buy now, pay later offerings. The company also operates TIDAL and TBD, contributing to its mission of economic empowerment. Looking ahead, Block is focused on disciplined growth and cost efficiencies, with plans to maintain its employee cap and optimize vendor arrangements.