The Payment Service Provider Block, Formerly Known as Square, Posts Impressive Figures in the First Quarter of 2024. The Company, Led by Twitter Founder Jack Dorsey, Achieved a Gross Profit of $2.09 Billion, Representing a 22 Percent Increase Over the Previous Year and Exceeding Market Expectations of $2.02 Billion.

Especially the Cash App demonstrated strong performance with a gross profit of 1.26 billion US dollars, equating to a 25 percent increase. The Square business division also contributed to success with a gross profit of 820 million US dollars and a growth of 19 percent.

The adjusted EBITDA amounted to 705 million US dollars, which also exceeded expectations of 591 million US dollars. Chief Financial Officer Amrita Ahuja highlighted that the number of transactions, as well as the inflows per active user, have increased, indicating healthy usage trends of the platform.

For the full year of 2024, Block has raised its forecasts and now expects a gross profit of 8.78 billion US dollars, compared to a previous forecast of 8.65 billion US dollars. Adjusted EBITDA is expected to reach 2.76 billion US dollars.

Block Emphasizes the Importance of Bitcoin for Its Business Model, as It Offers an Open Money Protocol That Is Globally Usable. This Allows the Company to Act Quickly in International Markets Without Having to Adjust for Different Payment Systems. Less Than 3 Percent of Corporate Resources Are Invested in Projects Related to Bitcoin.

Block's stock closed the trading day on the NYSE 5.18 percent higher at 70.30 US dollars and continued to rise after-hours. Despite a decline of 9.11 percent since the beginning of the year, current developments indicate positive prospects for the company.