Block makes progress on profits and sets big earnings goal, sending stock higher

  • 📰 MarketWatch
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

‘Really what we expect to see next year is meaningful margin expansion,’ CFO says

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines