Summary by Moomoo AI
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