Welcome to our dedicated page for Block news (Ticker: SQ), a resource for investors and traders seeking the latest updates and insights on Block stock.
Block, Inc., trading under the symbol SQ, is a leading financial technology company founded in 2009 and headquartered in San Francisco. The company is widely recognized for its innovative payment solutions that empower businesses and individuals alike. Block offers a comprehensive suite of services through its flagship platform, Square, which provides a complete point of sale system. This includes tools for accepting credit card payments, inventory tracking, and small business financing, enabling entrepreneurs to manage every aspect of their business operations efficiently.
In addition to its core services, Square has expanded its offerings with Square Order, an intuitive system for pre-ordering food and drinks for pickup. On the consumer side, the company launched Cash App, a peer-to-peer payment network that has revolutionized the way individuals send and receive money. This service has become a popular choice for quick and easy financial transactions.
Block's influence extends beyond the United States, with operations in Canada and Japan, and offices in strategic locations like New York, Atlanta, St. Louis, Kitchener-Waterloo, and Tokyo. In 2023, the company's payment volume surpassed $200 million, highlighting its significant impact on the financial services industry.
Block, Inc. continues to innovate and expand its service offerings, making it a pivotal player in the fintech space. Through strategic partnerships and a commitment to technological advancement, Block is poised for continued growth and success in the coming years.
Square (SQ) has announced a strategic partnership with Sysco, a leading global foodservice distributor, to expand its restaurant technology solutions. Through Sysco's Restaurant Solutions program, Square's technology suite will be promoted and sold to Sysco's customers.
The company also unveiled new features rolling out to sellers, with full availability in early 2025, including: Bar Tabs preauthorization for credit card or digital wallet payments, Instant Payouts for restaurants using Square Checking to receive immediate funds from third-party delivery platforms without fees, and House Accounts for regular or institutional clients with flexible invoicing options.
Block's ecosystem achieved record-breaking performance during Black Friday and Cyber Monday 2024, processing 144 million transactions globally, marking a 17% increase from the previous year. Online and in-store sales grew by 21% and 17% respectively, with online cart sizes being twice as large as in-person purchases. Gift card sales saw a 29% year-over-year growth, with 450K cards purchased. Restaurant transactions increased by 12%, while Afterpay's Buy Now, Pay Later transactions rose 10%. The Cash App Card, with 24 million monthly active users, saw retail purchases increase by 19% and gaming purchases by 46%. Social media purchases grew significantly at 139%, outpacing department store growth by 4X.
Square's analysis of Christmas tree sales data from thousands of sellers in 2023 reveals key pricing and demand trends. Black Friday saw the highest sales volume, with trees averaging $112. Prices dropped to $105 on the first Saturday in December, the second most popular shopping day. The week before Christmas offered the best deals, with prices falling 32% to $85 as sellers cleared inventory. By this time, over 90% of trees had already been sold.
Afterpay announced the integration of its Buy Now, Pay Later (BNPL) service with Google Pay, allowing U.S. customers to use installment payments during checkout at select merchants. According to an Afterpay survey, 1 in 3 shoppers considered using BNPL for its convenience and flexibility in managing holiday budgets. The integration aims to provide more payment options to Google Pay's billion daily shoppers while offering merchants additional growth opportunities. The wider availability of Afterpay on Google Pay's digital wallet will expand to more merchants in the coming months.
Block's (NYSE: SQ) self-custody wallet Bitkey announced the launch of an inheritance feature, rolling out next month and widely available in January 2025. The feature enables customers to securely transfer their bitcoin to designated beneficiaries after their passing. The inheritance plan will be included with every Bitkey hardware device purchase, including existing customers.
The process involves benefactors sending invitations through the Bitkey app. Beneficiaries can't view or access the wallet until claiming inheritance, followed by a six-month waiting period with regular alerts to prevent fraudulent claims. Initially, the solution will be to one beneficiary and require them to set up a Bitkey wallet.
Square's latest Quarterly Restaurant Report reveals significant trends in the restaurant industry. Full-service restaurants have experienced higher inflation (4.3%) compared to quick-service establishments (3.6%) as of September 2024. The report highlights that full-service restaurant workers have seen faster wage growth, with a 73.9% increase since 2017, compared to 60.2% for quick-service workers.
The analysis shows that in 2024, restaurant workers earn about 23% of their income from tips, up from 22% in 2023. Wyoming leads with the highest percentage of tip-based income at 33%. The national average tip rate slightly decreased to 15.4% in 2024 from 15.5% in 2023. Virginia maintains the highest average tip rate at 17.16%.
Block (NYSE: SQ) reported strong Q3 2024 results with 19% year-over-year gross profit growth. The company saw improvements across all profitability measures and positive Square GPV trends heading into Q4. Cash App showed increased engagement with gross profit per active reaching $75 in Q3 annualized, up 16% year-over-year. Block's banking strategy demonstrated progress with inflows per active up 9% year-over-year. The company launched new products including Orders Platform and enhanced Square seller features. Block raised its 2024 guidance for Adjusted EBITDA and Adjusted Operating Income, maintaining its commitment to achieving Rule of 40 in 2026.
Block (NYSE: SQ) has scheduled its third quarter 2024 financial results release for Thursday, November 7, 2024, after market close. The company will host a conference call and earnings webcast at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time on the same day. Interested parties can register for the conference call or access the live audio webcast through Block's Investor Relations website. A replay will be available on the website after the call.
Square has announced new partnerships and features to support beauty and wellness sellers. Key highlights include:
- A distribution partnership with SalonCentric, allowing beauty professionals to purchase Square Readers in-store and receive promotional pricing for Square Appointments Plus
- New integrations in the Square App Marketplace with SalonInteractive, Vish, Submatic, Pomp, SalonScale, and Glammatic
- Introduction of Packages feature for bulk service purchases
- No-Show Fee by Service and Service Costs (Backbar) features for better business management
- Improvements to online booking experience, including Customized Online Booking and 'Text Us' Button
- New calendar management tools like Color Coded Services and Block Clients
Cash App and Lyft have announced a partnership to integrate Cash App Pay as a payment option for Lyft rides. This collaboration marks Lyft as the first rideshare partner for Cash App Pay, offering digital-first consumers more flexibility in payment methods. The integration allows riders to seamlessly link their Cash App to the Lyft app, enabling them to pay with their Cash App balance or linked debit card without entering card information manually.
This partnership aims to cater to the preferences of younger generations, particularly Gen Z and Millennials, who favor Cash App as a top financial technology platform. The collaboration also provides Lyft access to Cash App's 57 million monthly transacting actives as of Q2 2024, potentially expanding its user base beyond its reported 23.7 million active riders in the same period.
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