News Formal

Block shares surge after earnings beat and increased full-year guidance

  • 📰 CNBC
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 72%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

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.

Dorsey said the company would focus on its go-to-market strategy, targeting local restaurants and services businesses to grow, and would refocus engineering talent using A.I. technology.

 

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:

 /  🏆 12. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Block shares surge after earnings beat and strong Square, Cash App growthThere was particularly strong growth in Block’s payment platform, Cash App, and its point-of-sale suite, Square.
Source: NBCLA - 🏆 319. / 59 Read more »

Block shares surge after earnings beat and strong Square, Cash App growthThere was particularly strong growth in Block's payment platform, Cash App, and its point-of-sale suite, Square.
Source: CNBC - 🏆 12. / 72 Read more »