Block Inc. (NYSE:XYZ) posted its second-quarter results after Wednesday’s closing bell, beating estimates on the top and bottom lines. Here’s a look at the details inside the report.
- XYZ stock is moving. Watch the price action here.
Block Q2 Details
Block reported quarterly earnings of $1.02 per share, which beat the consensus estimate of 87 cents by 17.24%
Quarterly revenue came in at $6.62 billion, which beat the analyst consensus estimate of $6.49 billion.
Cash App: Cash App Commerce Enablement volume grew 17% year over year to $56.5 billion, driven by Cash App Card and BNPL. Consumer Lending origination volume grew 59% year over year to $18.9 billion, driven by Cash App Borrow, while risk loss rates remained healthy. PBAs grew 17% year over year while Cash App monthly transacting actives were 59 million in June.
Square: Square GPV grew 13% year over year. Square’s U.S. GPV growth accelerated to 10% year over year, reflecting the strongest U.S. growth rate since the second quarter of 2023, while International GPV growth sustained strong performance, growing 28% year over year (25% in constant currency).
“AI will make software creation abundant. Judgment, trust, depth of understanding, and capability will become scarce. Our advantage is that we understand which things matter for the customers we serve, we own the hard capabilities behind them, and we’ve connected them into a network that compounds with every seller and every customer who joins,” said CEO Jack Dorsey.
XYZ Stock Price Activity: According to data from Benzinga Pro, Block stock was down 4.39% to $80.50 in Wednesday’s extended trading.
Photo: Shutterstock
Login to comment