Block Inc., led by CEO Jack Dorsey, reported strong first-quarter earnings, surpassing expectations with an EPS of $0.74 and revenue of $5.957 billion, against estimates of $0.73 and $5.821 billion respectively. The company attributed its performance to resilient consumer spending and effective cost management. Additionally, Block announced a new investment strategy, planning to allocate 10% of its gross profit from Bitcoin-related products into purchasing more Bitcoin each month. This move aligns with their broader strategy of investing in the cryptocurrency ecosystem. Block also raised its full-year profit outlook, reflecting confidence in its ongoing financial health and strategic initiatives. Square's profit increased by 19%, and Cash App's profit rose by 25%. Block's international operations contributed $103 million in gross profit, marking a 38% growth year-over-year.
Block, the payments firm led by CEO Jack Dorsey, has begun a dollar cost averaging (DCA) program to expand its Bitcoin holdings, per a May 2 shareholder letter https://t.co/8Bz1vcQSsP
Jack Dorsey's Block Adding More Bitcoin to Balance Sheet, Presents Road Map for Others https://t.co/4IGsXNiQgU via @coindesk
UPDATE: JACK DORSEY’S PAYMENTS COMPANY BLOCK INCREASED ITS #BITCOIN HOLDINGS USING 10% OF PROFITS FROM ITS BITCOIN BUSINESS IN APRIL
Block earnings spotlight: $Stunning dominance. 💳📊 $SQ 🎙️ @DrillDownPod #DrillDownEarnings @FuturumGroup #DDE #Block
let's add another challenge to the list: "Block plans to invest 10% of its gross profit from bitcoin products each month into bitcoin purchases" $SQ https://t.co/ygf2GFKVpH
Block to add more bitcoin to its treasury, lifts annual forecast https://t.co/LzP9L7Q7Za https://t.co/mcFytUOxz0
⚠️ Block to add more bitcoin to its treasury, lifts annual forecast Full Story → https://t.co/I0XRIYF4AQ
Dorsey's Block to invest 10% of bitcoin profits into BTC each month, shares rise on Q1 earnings beat https://t.co/msmv9myAjN
Each month, $SQ will be investing 10% of their gross profit from #Bitcoin products into $BTC. https://t.co/nHjZjVzAfV
*BLOCK SOARS 8% AFTER BEAT & RAISE AND NEW BITCOIN INVESTMENT STRATEGY; UP 13% ON THE DAY https://t.co/P492mHLlSx
Block $SQ raises full-year outlook as fiscal Q1 results surpass estimates https://t.co/wsRj4pBNCe https://t.co/jjtxPDxWT5
Quite the beat and raise for $SQ More details on prior post. But international is becoming a big story here for Block as it hit $103m in gross profit this quarter, growing 38% year over year. Making up 13% of total. https://t.co/VAYSvOjbKW
Led by @jack, payments firm Block is adding even more #bitcoin to its balance sheet. Alongside, the company released its blueprint for how other corporate entities might do the same. @SteveAlpher reports https://t.co/eLnC4yGuKU
Block Inc $SQ Earnings: - Diluted EPS of $0.74 - Revenue of $5.957 billion Jack Dorsey, CEO of Block, said, "We also believe in investing in the overall asset of the ecosystem, and holding bitcoin in our treasury. Going forward, each month we will be investing 10% of our… https://t.co/s0mFhf56be
Block Inc $SQ Earnings: - Diluted EPS of $0.74 - Revenue of $5.957 billion Jack Dorsey, CEO of Block, said "We also believe in investing in the overall asset of the ecosystem, and holding bitcoin in our treasury. Going forward, each month we will be investing 10% of our gross… https://t.co/LwWk9shLEs
🚨 Block announces they will DCA into #Bitcoin using 10% of their gross profit each month https://t.co/T2vIfAq6rx
Block Q1: revenue up 19% YoY to $5.96B, vs. $5.82B est., gross profit up 22% to $2.09B, Square profit up 19%, Cash App profit up 25%; SQ jumps 7%+ after hours (@kenziesigalos / CNBC) https://t.co/zBlsqQARu5 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/fiOlwOLTSt
Block lifted its full-year profit guidance and revealed plans to invest a portion of its profits from Bitcoin back into the assets https://t.co/jtkDPFmWkI
Block’s stock shoots higher as Square parent boosts its earnings outlook https://t.co/Nb9stj3dqv
Our Q1 earnings are now available. $SQ https://t.co/oGcnRuzFb3
⚠️ BLOCK'S FIRST-QUARTER PROFIT JUMPS ON RESILIENT CONSUMER SPENDING Full Story → https://t.co/cSWSBm4ohm Jack Dorsey-led Block posted a jump in first-quarter profit on Thursday as the payments firm benefited from resilient consumer spending and its own cost cuts. https://t.co/DHj4CBf0ZR
$SQ first five pages of Block’s shareholder letter is just about bitcoin. “Going forward, each month we will be investing 10% of our gross profit from bitcoin products into bitcoin purchases”. https://t.co/fxBQbnT2cq
$SQ • EPS $0.85 vs Est. $0.73 • Sales $6.0B vs Est. $5.8B IMPLEMENTED A BITCOIN DOLLAR COST AVERAGE BUY PROGRAM
SQUARE $SQ JUST REPORTED EARNINGS EPS of $0.74 beating expectations of $0.73 Revenue of $5.96B beating expectations of $5.82B
$SQ | Block Q1 Earnings: - EPS $0.74 - Sales $5.957B (Est. $5.821B) ��
$SQ Earnings Preview 🚨 https://t.co/iUtH9rIbFi