Block Inc. reported better-than-expected adjusted profit Thursday for its most recent quarter and set a big target for a 2024 earnings metric that vastly exceeded the consensus view.
Revenue increased to $5.6 billion from $4.5 billion and came in ahead of the FactSet consensus, which was for $5.4 billion. The Cash App mobile-wallet saw growth on its major metrics during the quarter. In the month of September, the company had 55 million monthly transacting active users, up 11% from a year before. Inflows per transacting active user during the third quarter were $1,132, up 8%.
Square also now allows sellers to use AI for things like menu generation. The company also sees ways to better incorporate AI into its own engineering processes to drive greater efficiencies.