Q2 2024 Block Inc Earnings Call Transcript
Key Points
- Block Inc (SQ) reported a strong gross profit of $2.23 billion, a 20% year-over-year increase.
- Cash App's gross profit was $1.3 billion, up 23% year-over-year, showing robust growth.
- Adjusted EBITDA nearly doubled year-over-year to $759 million, indicating improved efficiency and profitability.
- The company raised its full-year 2024 guidance for both gross profit and profitability, reflecting strong performance and positive outlook.
- Block Inc (SQ) announced a new $3 billion share repurchase program, signaling confidence in its financial health and commitment to returning capital to shareholders.
- Square's gross profit growth was only 15% year-over-year, which is lower compared to Cash App's growth.
- The company noted a continued moderation in U.S. same-store sales growth, reflecting broader macroeconomic challenges.
- Despite strong performance, the company acknowledged a dynamic and uncertain consumer discretionary spending environment.
- The transition to a functional organizational structure may pose risks and require careful management to avoid disruption.
- The company faces competitive pressures, particularly in the direct deposit space, where a competitor has a higher number of direct depositors.
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Nikhil Dixit of Investor Relations. Please go ahead.
Hi, everyone. Thanks for joining our second quarter 2024 earnings call. We have Jack and Amrita with us today. We will begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions from conference call participants. We would also like to remind everyone that we will be making forward looking statements on this call.
All statements other than statements of historical fact could be deemed to be forward. Looking. These forward looking statements include discussions of our outlook, strategy and guidance as well as our long-term targets and goals. These statements are subject to risks and uncertainties. Actual results could differ materially from those contemplated by our
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