Block’s first-quarter 2024 results beat Wall Street analyst estimates on earnings and revenue which saw its share price surge after the bell.
Fintech firm Block’s first-quarter results have beat Wall Street analyst revenue and earnings expectations which saw its shares jump after-hours. Block’s earnings per share was $0.85 — up from Zack’s $0.62 per share estimate. Its Q1 gross profits reached $2.09 billion, up 22% from the year-ago quarter.The firm’s mobile payments platform Cash App bolstered its profits, reporting $1.26 billion in gross profits for Q1.Its share price is down 2.
Dorsey said less than 3% of its resources go to Bitcoin-related projects, which are “fully covered” by its Bitcoin exchange profits, but claimed it's needed as “the world needs an open protocol for money, one that’s not owned or controlled by any single entity.” “We believe Bitcoin is the best and only candidate to be that protocol,” he wrote. Dorsey added it benefitted Block an “open protocol for money helps us serve more people around the world faster.”Analysts expect Bitcoin price recovery after Fed leaves rates unchanged