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hmanxx
2022-11-04

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Block Stock Surges 12.6% After Cash App, Square Drive Big Q3 Earnings Beat

Block (NYSE:SQ) stock gained 12.6% in Thursday after-hours trading after the payment tech company's

Block Stock Surges 12.6% After Cash App, Square Drive Big Q3 Earnings Beat

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·2022-11-04
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Cash App generated $1.76B of bitcoin revenue compared with $1.79B in the previous quarter, while bitcoin gross profit of $37M fell 12% Y/Y. Cash App gross profit of $774M increased from $705M in the prior quarter and from $512M in Q3 2021.</p><p>The Square ecosystem generated $1.77B revenue in Q3 vs. $1.73B in Q2. Its gross profit of $783M increased from $755M in Q2 and from $606M in Q3 2021.</p><p>Q3 adjusted EBITDA of $327M vs. $187M in Q2 and $233M in Q3 2021.</p><p>Buy Now Pay Later platform contributed $210M in revenue in Q2 vs. $208M in Q2 and $150M of gross profit, the same as in the previous quarter.</p><p>For Q4, Block (SQ) is expecting non-GAAP operating expenses of $1.47B, up $206M from Q3. 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