Summary by Moomoo AI
Block reported strong Q2 2024 results with total revenue increasing 11% year-over-year to $6.2 billion and net income attributable to common stockholders of $195.3 million, compared to a net loss of $102.0 million in Q2 2023. Gross profit grew 20% to $2.2 billion, driven by robust performance across its ecosystems. Cash App generated gross profit of $1.3 billion, up 23%, while Square's gross profit rose 15% to $922.6 million.Operating income reached $306.6 million compared to a loss of $132.1 million last year, reflecting improved operational efficiency. The company maintained strong liquidity with $10.3 billion available, including $9.5 billion in cash and investments. During the quarter, Block issued $2.0 billion in senior notes due 2032 and repurchased $389.5 million of Class A common stock under its share repurchase program.Block continued to focus on disciplined growth and cost efficiencies, maintaining its employee cap of 12,000 while realizing benefits from previous restructuring initiatives. The company's subscription and services-based revenue grew 22% to $1.8 billion, with particular strength in Cash App's financial services products and Square banking solutions. Transaction-based revenue increased 5% to $1.7 billion on GPV growth of 5%.
