Block shares surge after earnings beat and strong Square, Cash App growth

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There was particularly strong growth in Block’s payment platform, Cash App, and its point-of-sale suite, Square.

Block reported a top- and bottom line beat powered by strong revenue growth in Cash App and Square revenue.third-quarter earnings that beat analyst estimates on the top and bottom line and showed strong growth in both Cash App and Square revenue.Total net revenue grew 24% year-over-year, from $4.52 billion to $5.62 billion. Bitcoin revenue climbed from $1.76 billion to $2.42 billion year-over-year. Gross profit climbed 21% compared to the year-ago period, from $1.57 billion to $1.90 billion.

Adjusted EBITDA came in at $477 million, compared to $327 million in the year-ago period. There was particularly strong growth in Block's payment platform, Cash App, and its point-of-sale suite, Square. Cash App revenue was $3.58 billion, growing 34% year-over-year, while Square revenue grew 12% year-over-year to $1.98 billion.

"We've been quiet lately because we've been focused," Block co-founder Jack Dorsey said in a letter to shareholders. Block was the target of athis year which alleged its Cash App product facilitated fraud."We want to thank all of you for your trust and continued belief in our work. We will work to balance that trust with accountability, some of which I hope this letter provides," Dorsey's letter concluded.

 

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