On August 1, 2024, Block, Inc. released its financial results for the second quarter ended June 30, 2024, through a Shareholder Letter. The company reported a 20% year-over-year increase in gross profit to $2.23 billion, with Square contributing $923 million and Cash App $1.30 billion. Operating income was $307 million, and net income attributable to common stockholders was $195 million. Adjusted EBITDA saw a significant rise to $759 million, up 98% from the previous year. Total net revenue increased by 11% to $6.16 billion, with non-bitcoin revenue at $3.54 billion, marking a 13% increase. The company also announced a substantial expansion of its share repurchase program, authorizing an additional $3.0 billion in buybacks of its Class A common stock. Block's board of directors approved the increase following the completion of the initial $1.0 billion...Show More

On August 1, 2024, Block, Inc. released its financial results for the second quarter ended June 30, 2024, through a Shareholder Letter. The company reported a 20% year-over-year increase in gross profit to $2.23 billion, with Square contributing $923 million and Cash App $1.30 billion. Operating income was $307 million, and net income attributable to common stockholders was $195 million. Adjusted EBITDA saw a significant rise to $759 million, up 98% from the previous year. Total net revenue increased by 11% to $6.16 billion, with non-bitcoin revenue at $3.54 billion, marking a 13% increase. The company also announced a substantial expansion of its share repurchase program, authorizing an additional $3.0 billion in buybacks of its Class A common stock. Block's board of directors approved the increase following the completion of the initial $1.0 billion program. The repurchase plan is part of Block's capital allocation strategy and may be conducted through open market purchases or privately negotiated transactions, depending on various factors including market conditions and stock price. Additionally, the company outlined strategic improvements to Square's go-to-market approach, led by Afterpay's CEO and co-founder Nick Molnar, aiming to enhance sales, partnerships, marketing, and product development. Block's CEO Jack Dorsey highlighted the company's progress towards the Rule of 40 by 2026, with significant margin expansion for both Square and Cash App. The company's focus on product-led growth, distribution partnerships, and marketing investments are expected to drive future growth.