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  4. Block Stock Falls Despite Earnings Beat, Analysts Remain Positive
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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...
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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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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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