On February 22, 2024, Block, Inc., formerly known as Square, released its financial results for the fourth quarter and fiscal year ended December 31, 2023. The announcement was made through a Shareholder Letter and coincided with a conference call and earnings webcast. Block reported a 22% year-over-year increase in gross profit for Q4, reaching $2.03 billion, and a 25% increase for the full year, totaling $7.50 billion. The company's total net revenue for Q4 was $5.77 billion, a 24% increase from the previous year, and $21.92 billion for the full year, marking a 25% increase. Notably, the financial results now fully incorporate the financials of their Buy Now, Pay Later (BNPL) platform within the Cash App segment, following a change in management reporting structure. The company also highlighted its focus on...Show More

On February 22, 2024, Block, Inc., formerly known as Square, released its financial results for the fourth quarter and fiscal year ended December 31, 2023. The announcement was made through a Shareholder Letter and coincided with a conference call and earnings webcast. Block reported a 22% year-over-year increase in gross profit for Q4, reaching $2.03 billion, and a 25% increase for the full year, totaling $7.50 billion. The company's total net revenue for Q4 was $5.77 billion, a 24% increase from the previous year, and $21.92 billion for the full year, marking a 25% increase. Notably, the financial results now fully incorporate the financials of their Buy Now, Pay Later (BNPL) platform within the Cash App segment, following a change in management reporting structure. The company also highlighted its focus on growth, cost reduction, and reorganization efforts, including a return to a simpler organizational structure within Square and a cap on employee numbers at 12,000. Block's Cash App aims to become a top provider of banking services to U.S. households earning up to $150,000 per year, with strategies including banking their base, serving families, and building a next-generation social bank. The company's BNPL platform reported $8.6 billion in GMV for Q4, a 25% increase year over year. Block also reported a remeasurement gain on its bitcoin investment of $207 million.