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Jun 30, 2024
Block Inc. Q2 2024 Earnings Report
Block Inc. outperformed gross profit and profitability guidance and focused on strategic initiatives.
Key Takeaways
Block Inc. reported strong Q2 2024 results with gross profit up 20% year-over-year to $2.23 billion. Both Square and Cash App showed significant growth, and the company is on track to reach Rule of 40 by 2026. Key initiatives include improving Square's go-to-market approach and expanding Cash App's financial services.
Gross profit grew 20% year-over-year to $2.23 billion.
Square's gross profit increased by 15% year-over-year, driven by banking products and software and integrated payments.
Cash App's gross profit grew by 23% year-over-year, driven by Cash App Card, Cash App Borrow, and BNPL platform.
Operating income was $307 million, and Adjusted Operating Income was $399 million.
Revenue by Segment
Forward Guidance
Block provided guidance for Q3 2024 and updated its full-year outlook, reflecting outperformance in Q2 and improved expectations for the remainder of the year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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