Block Co., Ltd. (New York Stock Exchange:SQ) Shares rose after the company announced first-quarter results on Thursday. Take a look at the highlights here.
Block reported quarterly sales of $5.957 billion, beating analysts' consensus estimates of $5.821 billion and representing a 19.38% increase on year-over-year sales of $4.99 billion.
The company reported adjusted earnings of 85 cents per share, beating consensus estimates of 72 cents per share.
Cash App's quarterly gross profit was $1.26 billion, up 25% year over year, and Square's gross profit was $820 million, up 19% year over year. Total payments in the first quarter were $54.43 billion.
Block announces strategic investment in Bitcoin (CRYPTO: BTC) has made a number of positive developments both internally and in the broader market.
In April, Block introduced a Bitcoin dollar-cost averaging (DCA) purchase program that runs through 2024. Under this program, Block will invest 10% of gross profits from Bitcoin products into Bitcoin purchases.
See more SQ earnings
“We also believe in the importance of investing across assets in the ecosystem and holding Bitcoin in our treasury.” I plan to invest in coins.”
Purchased item. The company was one of the first publicly traded companies to include Bitcoin on its balance sheet, investing $220 million in Bitcoin, an investment that grew approximately 160% at the end of the first quarter, and 73 million dollars.'' jack dorseyBlock CEO.
Outlook: Block expects second-quarter gross profit to be between $2.165 billion and $2.185 billion.
Related news: Rivian Automotive receives $827 million incentive package: What's happening with Rivian's stock price?
SQ price movement: Block stock was up 8.15% after-hours at $76.01 as of Thursday's announcement, according to Benzinga Pro.
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The article Block Stocks Soars on Q1 Earnings, Strategic Bitcoin Investing: Learn More originally appeared on Benzinga.com
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