Block Inc. Q2 2023 Earnings Report
Key Takeaways
In the second quarter of 2023, Block Inc. reported strong growth and profitability. Gross profit increased by 27% year-over-year to $1.87 billion, with Square's gross profit up 18% and Cash App's gross profit up 37%. The company's operating loss was $132 million, while adjusted operating income was $25 million. Net loss attributable to common stockholders was $123 million, and adjusted EBITDA reached $384 million.
Gross profit grew 27% year over year to $1.87 billion.
Square ecosystem delivered gross profit of $888 million, an increase of 18% year over year.
Cash App ecosystem delivered gross profit of $968 million, an increase of 37% year over year.
Net loss attributable to common stockholders was $123 million and Adjusted EBITDA was $384 million.
Block Inc.
Block Inc.
Block Inc. Revenue by Segment
Forward Guidance
Block anticipates Non-GAAP operating expenses to be $1.55 billion for Q3 2023. The company has updated its 2023 outlook, projecting adjusted EBITDA of $1.5 billion and adjusted operating income of $25 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income