Block Inc Stock Quarterly Financial Report

Let’s dissect Block Inc (SQ) Q1 2024 financial report, unraveling its revenue streams, profit margins, and strategic maneuvers.

Block Revenue Surge

In Q1 2024, Block witnessed a substantial revenue surge, with total net revenue reaching $5.96 billion, marking a robust 19% increase compared to the same period last year. Excluding Bitcoin-related income, revenue stood at $3.23 billion, reflecting a notable 14% uptick year-over-year. Gross profit soared to $2.09 billion, a remarkable 22% surge from the previous year.

Transaction Revenue and Gross Profit

Transaction revenue amounted to $1.51 billion in Q1 2024, showcasing a 6% increase from the prior year. Gross profit from transactions reached $638 million, also up by 6% year-over-year. The total processed transactions amounted to $54.43 billion. Gross profit saw a 6% rise compared to the same period last year.

Subscription and Service Revenue

Subscription and service revenue for Q1 2024 surged to $1.68 billion, marking a substantial 23% increase year-over-year. Gross profit from subscriptions and services reached $1.41 billion, a notable 28% jump from the previous year.

Insights into Revenue Streams

Block’s aggregate revenue encompasses Square’s total revenue and Cash App Business revenue. Square’s Gross Payment Volume (GPV) accounts for all card payments processed by Square merchants, excluding refunds and ACH transfers. Cash App Business-GPV includes peer-to-peer transactions received via business accounts and peer-to-peer payments sent from credit cards. Notably, GPV excludes transactions from the BNPL platform, focusing solely on transaction-based revenue rather than subscription and service revenue. Revenue from the BNPL platform comprises consumer receivables, late fees, and certain partner and advertising fees.

Cash App Performance

In Q1 2024, Cash App revenue surged to $4.17 billion, with gross profit reaching $1.26 billion, marking impressive year-over-year increases of 23% and 25%, respectively. Excluding Bitcoin sales revenue, Cash App revenue amounted to $1.44 billion, an 18% increase from the previous year. March witnessed 57 million active monthly transactions on Cash App, reflecting a 6% increase year-over-year. The total inflow of funds in Q1 2024 reached $71 billion, up by 17% year-over-year and 12% from the previous quarter. The influx of funds per active transaction reached $1255, reflecting an 11% increase from the prior year.

Exploring Profits and Potentials

Block Stock Q1 2024 performance underscores its financial resilience and growth trajectory. Dive deeper into the dynamics of Block Inc financial landscape with ProfitsForce insightful analysis.