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Block Stock Falls Despite Earnings Beat, Analysts Remain Positive

By Senad Karaahmetovic Shares of Block Inc (NYSE:SQ) are down about 7% in premarket trading despite the company reporting better-than-expected top and bottom line results. The...
Block Stock Falls Despite Earnings Beat, Analysts Remain Positive © Reuters. Block (SQ) Stock Falls Despite Earnings Beat, Analysts Remain Positive

By Senad Karaahmetovic

Shares of Block Inc (NYSE:SQ) are down about 7% in premarket trading despite the company reporting better-than-expected top and bottom line results.

The digital payments company reported Q2 adjusted EPS of 18c, compared to 66c in the year-ago period and above the consensus estimates of 16c per share. Net revenue came in at $4.4 billion, down 5.9% YoY and above the analyst estimates of $4.34 billion.

Block generated $2.62 billion in Cash App revenue, down 21% YoY and topping the consensus projection of $4.34 billion.

The company said it expects GPV growth to reach 23% in July on a 3-year CAGR basis, in line with the 23% growth in Q2.

An analyst from Evercore ISI maintained an Outperform rating on SQ stock after Q2 results.

“Cash App gross profit growth appears poised to reaccelerate following the lapping of difficult comparisons tied to the year-earlier, one-time positive impacts from fiscal stimulus. SQ continues to be the most disruptive company in payments and banking, in our view. Rapid innovation should fuel continued TAM expansion. Afterpay should help reaccelerate Cash App gross profit growth combined with the integration of SQ’s Cash App and Seller ecosystems,” the analyst said in a client note.

A Credit Suisse analyst raised his EBITDA estimates for Block and remains positive on the SQ stock.

“Cash App’s CAC (stable vs. 2021) and scale advantages (~47mm MAU, >15mm+ Cash Card holder~$2.65b in gross profit 2022E) position it well to remain a leading US digital financial services platform, particularly in an industry where we expect consolidation & rebundling around a core set of winners,” he told clients in a note.

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17-08-2022 23:09:25 (UTC+7)

EUR/USD

1.0165

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (4)

EUR/USD

1.0165

-0.0004 (-0.04%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (4)

GBP/USD

1.2037

-0.0056 (-0.47%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (7)

Sell (2)

USD/JPY

135.45

+1.24 (+0.92%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6918

-0.0104 (-1.48%)

Summary

Buy

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (9)

Sell (1)

USD/CAD

1.2927

+0.0083 (+0.65%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

EUR/JPY

137.68

+1.20 (+0.88%)

Summary

↑ Buy

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Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9696

+0.0043 (+0.44%)

Summary

↑ Buy

Moving Avg:

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Sell (0)

Indicators:

Buy (9)

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Gold Futures

1,775.55

-14.15 (-0.79%)

Summary

Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

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Sell (5)

Silver Futures

19.660

-0.425 (-2.12%)

Summary

Neutral

Moving Avg:

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Copper Futures

3.5830

-0.0415 (-1.14%)

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Crude Oil WTI Futures

87.03

+0.50 (+0.58%)

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↑ Buy

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Indicators:

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Brent Oil Futures

92.72

+0.38 (+0.41%)

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Natural Gas Futures

9.213

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US Coffee C Futures

218.15

-1.20 (-0.55%)

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Sell (12)

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Euro Stoxx 50

3,756.06

-49.16 (-1.29%)

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Sell

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Sell (4)

S&P 500

4,261.46

-43.74 (-1.02%)

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DAX

13,626.71

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FTSE 100

7,515.75

-20.31 (-0.27%)

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Neutral

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19,922.45

+91.93 (+0.46%)

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Neutral

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Sell (4)

US Small Cap 2000

1,976.30

-43.96 (-2.18%)

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Sell (4)

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IBEX 35

8,434.80

-77.10 (-0.91%)

Summary

Neutral

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Sell (8)

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Buy (4)

Sell (1)

BASF SE NA O.N.

42.685

-2.065 (-4.61%)

Summary

Neutral

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Sell (6)

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Buy (5)

Sell (2)

Bayer AG NA

53.37

-0.93 (-1.71%)

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Neutral

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Sell (7)

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Allianz SE VNA O.N.

177.54

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Adidas AG

169.10

-4.26 (-2.46%)

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Deutsche Lufthansa AG

6.467

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Siemens AG Class N

108.64

-3.40 (-3.03%)

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Deutsche Bank AG

8.856

-0.108 (-1.20%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (3)

 EUR/USD1.0165↑ Sell
 GBP/USD1.2037Neutral
 USD/JPY135.45↑ Buy
 AUD/USD0.6918Buy
 USD/CAD1.2927↑ Sell
 EUR/JPY137.68↑ Buy
 EUR/CHF0.9696↑ Buy
 Gold1,775.55Sell
 Silver19.660Neutral
 Copper3.5830↑ Buy
 Crude Oil WTI87.03↑ Buy
 Brent Oil92.72↑ Buy
 Natural Gas9.213↑ Sell
 US Coffee C218.15↑ Sell
 Euro Stoxx 503,756.06Sell
 S&P 5004,261.46↑ Buy
 DAX13,626.71Sell
 FTSE 1007,515.75Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,976.30↑ Buy
 IBEX 358,434.80Neutral
 BASF42.685Neutral
 Bayer53.37Neutral
 Allianz177.54Buy
 Adidas169.10↑ Sell
 Lufthansa6.467↑ Sell
 Siemens AG108.64↑ Sell
 Deutsche Bank AG8.856Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(20/ 20) # 1,674
SJC HCM6,620/ 6,720
(20/ 20) # 1,695
SJC Hanoi6,620/ 6,722
(20/ 20) # 1,697
SJC Danang6,620/ 6,722
(20/ 20) # 1,697
SJC Nhatrang6,620/ 6,722
(20/ 20) # 1,697
SJC Cantho6,620/ 6,722
(20/ 20) # 1,697
Cập nhật 17-08-2022 23:09:28
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ↀ Giá vàng thế giới
$1,761.60-14.08-0.79%
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Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$86.49+0.120.14%
Brent$92.00+0.40.44%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR23.186,9924.485,46
GBP27.597,2628.774,17
JPY169,51179,46
KRW15,4518,83
Cập nhật lúc 18:50:59 17/08/2022
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