Block Inc Stock Price, News & Analysis

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.

Square has announced the winners of its second annual Square 50 awards program, recognizing 50 businesses that are changing the entrepreneurial landscape. The program received thousands of submissions from countries including the US, Australia, Canada, France, Ireland, Japan, Spain, and the UK. Winners were selected based on five categories: Innovation, Growth, Community, Experience, and Sustainability.

Notable honorees include hed11, a fine dining Thai restaurant in San Francisco; Pure Green Franchise, a growing smoothie and juice bar chain; Rejuvv Aesthetics & Wellness, a boutique medical spa in Miami; 321 Coffee, a coffee shop creating employment opportunities for adults with disabilities; and True Gloom Tattoo, a woman-owned tattoo studio in Buffalo.

Square has launched a new Orders Platform in the third quarter of 2024, marking a significant infrastructure shift for the company. This best-in-class commerce platform combines leading payments and ordering capabilities for sellers across the United States. The platform is designed to provide expanded commerce features like Pre-Auth and Bar Tabs to sellers of all sizes and verticals.

The new order-based infrastructure aims to help sellers grow their businesses by enabling them to complete sales anywhere and anyhow, promoting efficient operations and improved customer experiences. Saumil Mehta, Head of Product for Square, emphasized that this platform is a key unlock for innovation and is expected to accelerate product velocity going forward.

With the Orders Platform, Square will offer sellers more checkout flexibility, allowing customers to order ahead, open bar tabs, or set up subscriptions, thus providing more options to capture sales across various business types.