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 (SQ) drives innovation in digital payments through its merchant services platform and Cash App ecosystem. This page serves as the definitive source for verified company announcements, financial disclosures, and strategic developments.
Access real-time updates on earnings reports, product launches, and partnership announcements. Investors and industry observers will find curated press releases alongside analysis of operational milestones in fintech infrastructure and consumer finance solutions.
Key coverage areas include payment processing innovations, business tool enhancements, and market expansion initiatives. Content is rigorously verified to provide accurate insights into Block's evolving role in shaping cashless transactions and financial accessibility.
Bookmark this resource for streamlined tracking of SQ's progress in bridging merchant needs with consumer payment convenience through secure, scalable technologies.
Square has launched a new video series titled 'Running a Restaurant Is No Joke,' featuring actor and foodie Eric Wareheim. The series, produced in collaboration with Ventureland, showcases three Los Angeles-based restaurateurs and Square sellers: Alisa Reynolds of My 2 Cents, Alvin Cailan of Amboy, and Keegan Fong of Woon Kitchen.
The campaign highlights the challenges and realities of running restaurants while demonstrating how Square's technology helps owners manage operations, adapt with flexible tools, and grow their businesses. Each episode features different aspects of restaurant management, from discussing tough trade-offs and financial management to hiring practices and the evolution of takeout services.
Square's fifth annual Future of Commerce report reveals that businesses worldwide plan to increase investments in automation and loyalty programs in 2025 amid economic challenges. 71% of restaurant leaders will boost investment in loyalty programs, with 83% reporting these programs successfully increase order size and 82% noting improved repeat visits.
Despite 63% of consumers cutting back on restaurant spending and 71% of restaurants planning price increases, 78% of restaurant leaders are more optimistic than last year. 65% plan to expand locations, and 74% will expand menu offerings. 85% of restaurant leaders plan to invest in technology, including AI and automation, particularly for marketing (77%), inventory management (77%), payments (76%), and menu optimization (76%).
In retail, 78% of leaders emphasize in-store experiences for growth, with 68% planning to invest in online stores. Beauty businesses are leveraging technology for personalized experiences, with 55% of consumers following their specialists' recommendations.
Block (NYSE: SQ) has announced it will change its ticker symbols from 'SQ' and 'SQ2' to 'XYZ' on both the New York Stock Exchange (NYSE) and Australian Securities Exchange (ASX). The change will be effective January 21, 2025, for NYSE and January 22, 2025, for ASX, reflecting the company's previous name change to Block and its ecosystem of brands including Cash App, Square, Afterpay, and TIDAL.
No action is required from shareholders regarding this change. The company's Class A common stock will maintain its NYSE listing, and CHESS Depository Interests (CDIs) will continue on ASX, with unchanged CUSIP and ISIN.
Additionally, Block will release its Q4 2024 financial results on February 20, 2025, after market close, followed by a conference call and earnings webcast at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time.
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.
