As a long-term crypto investor with experience in following fintech companies closely, I’m thrilled to see Block, Inc.’s impressive Q1 2024 results. Their revenues exceeding expectations by 3.54% and earnings per share surpassing estimates by 38.7% are strong indicators of their financial health and growth potential.
The fintech company Block surpassed the predicted revenue and earnings by Wall Street analysts in the first quarter, resulting in a post-market hours increase in its share price.
May 2 saw the release of Block, Inc.’s Q1 2024 financial report, revealing a revenue figure of $5.96 billion – surpassing Zacks’ predictions by an impressive 3.54%.
Block reported an earnings per share of $0.85 for the quarter, exceeding Zack’s forecast of $0.62. The company posted a gross profit of $2.09 billion in Q1, marking a 22% increase compared to the same period last year.
In the first quarter, Cash App, the mobile payment platform offered by the company, significantly increased its earnings, generating a total of $1.26 billion in gross profits.
On May 2, the closing price for Block, Inc. (SQ) stocks was $70.30, marking a 5.1% increase. However, following this closure, there was a significant surge in after-hours trading, causing the stock price to rise further by approximately 6.8%, reaching over $75 as reported by Google Finance.
The stock’s price has dropped 2.6% so far this year. Earlier in the week, it dipped from approximately $73 to $66 following reports by NBC News that US prosecutors were investigating the company. A whistleblower claimed Square and Cash App, its subsidiaries, had processed transactions for terrorist organizations and individuals in restricted countries.
As a passionate crypto investor, I can understand the curiosity behind the question, “Why are we dedicating so much time and resources to Bitcoin?” For me and my team at Block (formerly Square), the answer lies in Bitcoin’s potential to redefine the future of finance. Bitcoin’s decentralized nature, revolutionary technology, and growing adoption make it an exciting opportunity for innovation and disruption in the financial industry. Our commitment to exploring its possibilities stems from our belief in its transformative potential.
Dorsey stated that Bitcoin-related initiatives account for under 3% of the company’s resources, with these efforts being financially sustained through profits generated from its Bitcoin exchange. He emphasized, however, that such an open protocol is essential for money transactions on a global scale, as it shouldn’t be governed or controlled by any individual entity.
As a dedicated crypto investor, I firmly believe that Bitcoin stands out as the most promising contender among all other cryptocurrencies, serving as an open protocol for monetary transactions. By embracing its power, Block can expand our reach and provide faster services to people globally.
This is a developing story, and further information will be added as it becomes available.
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2024-05-03 01:35