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.
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.
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