Block Inc - SQ STOCK NEWS

Cash App has announced its integration with Google Play, offering Android users a new payment option for purchasing apps, games, music, movies, and books. This partnership aims to provide more choice and convenience at checkout, catering to the evolving preferences of younger consumers.

Cash App Pay, which allows users to pay with their Cash App balance or linked debit card, has seen significant growth with 4 million monthly active users and has been adding 1 million monthly actives each quarter. This integration represents an opportunity to engage with a broad range of consumers, particularly in the gaming space, and addresses the estimated $3 trillion in annual consumer spending outside traditional financial systems.

Block Inc. (NYSE: SQ) launches its inaugural Reconciliation Action Plan (RAP) in Australia, focusing on fostering partnerships and creating programs that support Aboriginal and Torres Strait Islander communities. The plan emphasizes financial inclusion, entrepreneurship, and cultural awareness. Block has committed over AUD $3 million to various social impact initiatives, including investments in Indigenous entrepreneurs and educational programs. Key partnerships include First Australians Capital and Indigitek. Block’s RAP aims to integrate reconciliation and cultural learning within the company, aligning with its broader commitment to social impact and economic empowerment.

Block has announced a significant partnership with Core Scientific to supply its new 3nm ASIC mining chips, targeting approximately 15 EH/s of hashrate. This collaboration aims to enhance decentralization, transparency, and efficiency in bitcoin mining by leveraging advanced infrastructure and integrating existing technologies.

Block's Proto team focuses on developing modular mining platforms that simplify infrastructure, optimize resource use, and promote sustainability. This agreement marks a major step for Block's long-term strategy to democratize bitcoin mining and provide innovative, integrated solutions. The collaboration with Core Scientific is expected to redefine efficiency and reliability in large-scale operations, supporting Core Scientific's hashrate growth and contributing to the vitality of the Bitcoin Network.

Block (NYSE: SQ) will release its financial results for Q2 2024 on August 1, 2024, after market close.

The company will host a conference call and webcast at 2:00 PM PT/5:00 PM ET to discuss the results.

Participants can register or listen to the webcast via Block's Investor Relations website, with a replay available post-call.

Afterpay, a leading Buy Now, Pay Later (BNPL) provider, conducted a survey with Morning Consult revealing that over half of Americans feel financially stressed, with more than 75% of Afterpay users finding BNPL helps alleviate this stress. The survey, conducted among 2207 adults aged 18-55, shows 86% of Afterpay users experience reduced financial stress at purchase time, while 80% feel the same after two payments, and 76% at the end of the payment cycle. The highest BNPL impact areas include weddings (61%), large household purchases (61%), back-to-school shopping (53%), and home buying (51%). As of Q1 2024, 98% of Afterpay's Pay-in-4 purchases did not incur late fees, and 95% of installments were paid on time. Afterpay is also noted for its consumer protections, including starting customers with a low limit and pausing accounts if repayments are missed.

A recent survey by Square reveals that 1 in 3 consumers are in an 'open relationship' with their hair stylist, particularly among Gen Z, Millennials, and men. Key issues causing clients to switch providers include difficulty scheduling (57%), high costs (53%), relocating (50%), stylist's inattentiveness (41%), and personality clashes (34%). Despite these challenges, 61% regretted switching, and 57% returned to their original stylist, while 30% remained with their new provider.

Clients prioritize ease and convenience, with 82% valuing easy rescheduling and 75% desiring better communication. Square found that committed clients appreciate their stylist's skills (94%), look forward to visits (87%), and find bookings easy (85%). Data also shows shifts in consumer behavior due to remote work, a rise in cancellation fees, increased retail sales, and the popularity of subscriptions.

Square's analysis indicates that beauty businesses leveraging software for online bookings and client management enjoy better client retention and higher revenue. The survey, conducted online in May 2024 among adults in the US and Canada, reflects broader trends in consumer behavior and industry adaptations.

Afterpay has launched new brands for its Buy Now, Pay Later (BNPL) service, allowing U.S. shoppers to choose installment payments at checkout. The new merchants include Curology, Helzberg Diamonds, Journeys, Rawlings Sporting Goods, and Zenni Optical. This initiative aims to help consumers manage their budgets better during a period of high prices. According to Afterpay, BNPL was rated as an effective solution for reducing financial stress by 4 out of 5 users. The company also highlights its customer protection measures, such as freezing accounts after a missed payment and capping late fees, ensuring 98% of all purchases incur no late fees and 95% of installments are paid on time.

Square has announced the return of its Square 50 Awards Program for 2024 to recognize impactful businesses globally. Nominations are open until July 18, 2024, in five categories: Innovation, Growth, Community, Experience, and Sustainability. The program invites nominations from customers, fans, community members, and businesses themselves. Last year's honorees saw significant achievements such as opening new locations and expanding offerings. Selected businesses will gain visibility across Square's platforms, credibility, and prizes to celebrate their success.

Nominations are now being accepted here.

Younger U.S. consumers are increasingly supporting small and medium businesses (SMBs) through Afterpay, which has seen its SMB merchant network grow by 55% in 2023. Gen Z spending grew by 11% year-over-year, with top purchases including outdoor furniture accessories (+236%), baby and toddler furniture (+111%), and jewelry (+18%). This shift indicates a broader trend towards supporting SMBs for traditionally big-box purchases. Afterpay provides SMBs with an improved omnichannel checkout experience, enabling responsible spending and helping them compete with larger businesses. The platform has generated $8.6 billion in retail sales, enhancing job support and economic activity.