$Block(SQ)$ let's fight back and rise with Bitcoin

Square, or as they now like to call themselves, Block, is a company that’s been making big headlines lately. There’s the whole cryptocurrency thing with Bitcoin, which is a big deal these days. But there’s also something else going on at Block that’s worth talking about: they’re making a huge acquisition and doing a corporate rebranding.

But let me tell you, it hasn’t all been smooth sailing for Block. Some short sellers have been attacking their stock, and that’s led to a bit of a downturn. They’re accusing Block of inflating Cash App user metrics and facilitating fraud. But let me tell you, Block is fighting back. They’re considering legal action against these short sellers, and many analysts are on their side. I mean, the probability that these accusations are true is extremely low.

Despite this setback, Block is still focused on building a two-sided digital payments ecosystem, with products for both merchants and buyers. They’re also expanding globally, with mature markets in Canada, the UK, Japan, and Australia, and newer markets in Spain, Ireland, and France. And they’ve got a lot of cash on hand to make these moves.

Now, let’s talk about Bitcoin. It’s been a rollercoaster ride for this cryptocurrency, and it’s definitely affected Block’s stock. But let me tell you, they’re not giving up on Bitcoin. In fact, they’re building infrastructure that enables Bitcoin-based commerce on their platform. And they’re even creating a new business line to help developers build financial services products focused on Bitcoin. That’s a big deal.

But let’s not forget about Cash App. That’s really the key to Block’s success. They’ve seen huge growth during the pandemic, thanks to government economic stimulus. And while some people think this growth will slow down as the economy normalizes, I’m not so sure. Cash App has 47 million monthly active users, and younger demographics are expected to keep using it.

Overall, Block is a company that’s making big moves. They’re not afraid to take risks, and they’re not afraid to fight back when they’re under attack. I think they’ve got a bright future ahead of them. 

In the quarter ending Dec. 31, Square's adjusted earnings were 22 cents per share, a decrease of 21% from the same period the previous year. This fell short of analysts' projected earnings of 30 cents per share. However, the company's net revenue increased by 14% to $4.65 billion, which includes revenue from Cash App transactions for Bitcoin. This exceeded analysts' predicted revenue of $4.62 billion. SQ's gross profit, a key metric for financial analysts, also outperformed expectations, coming in at $1.66 billion, a 40% increase compared to estimates of $1.63 billion. Moreover, Cash App's gross profits witnessed a significant 64% YoY growth, reaching $848 million.

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