Block, Inc. - SQ STOCK NEWS

Square and Afterpay’s Festive Forecast reveals positive sentiment for the upcoming holiday season. Despite economic challenges, 36% of shoppers intend to increase holiday spending, while 64% of sellers expect stable or growing sales. The forecast shows a nearly even split between online (53%) and in-store (47%) shopping. Notably, 16% of businesses plan to hire more staff, and 44% of consumers will seek discounts. Key insights include 77% aiming to complete shopping by December and an emphasis on gift cards as the favored gift. Square's integration with Afterpay enhances payment options, driving higher average orders.

Square has launched two software solutions, Square for Retail and Square Appointments, on Square Terminal just in time for the holiday season. These offerings allow sellers to enhance customer experiences with flexible, on-the-go checkout options. Merchants can process sales anywhere, meeting customer needs efficiently and increasing sales opportunities. Square’s ecosystem now supports integrated solutions for marketing, payroll, and financial services, facilitating seamless operations. The availability of Afterpay's BNPL feature provides consumers with more purchasing options.

The recent survey by Hello Alice and Square, in partnership with the US Hispanic Chamber of Commerce, highlights significant challenges faced by Hispanic small business owners.

Key results from 2,700 respondents indicate that 30% struggle with raising capital, while 81% are optimistic about growth in 2023, driven by customer acquisition and hiring. Marketing is seen both as a challenge (11%) and opportunity (57% cite paid ads). Square has enhanced its services for Hispanic businesses, now available in Spanish, facilitating access to crucial resources.

Afterpay, a leader in Buy Now, Pay Later payments, has launched a new monthly payment solution, enhancing consumer choice and budgeting flexibility. Customers can now make purchases between $400 and $4,000, with no late fees and capped interest rates, effective just before the holiday shopping season. Initially available online, this option will extend to in-person transactions in 2023. Since 2020, U.S. spending on BNPL has surged by 660%, significantly outpacing debit and credit card growth. This initiative is in partnership with First Electronic Bank to provide responsible spending solutions.

Block, Inc. (NYSE: SQ) will announce its third-quarter financial results on November 3, 2022, after market close. Following the results, a conference call and earnings webcast will take place at 2:00 p.m. PT/5:00 p.m. ET to discuss the findings. Interested participants can register for the call or access the live audio webcast via Block's Investor Relations website. Block operates a global financial services platform, offering solutions through Square, Cash App, and other related services to enhance economic access.

Afterpay has expanded its services into Canada, partnering with Sephora Canada to offer flexible payment options for over 340 beauty and skincare brands available on Sephora.ca. Canadian customers can now pay for their purchases in four instalments, enhancing accessibility for beauty products. The initiative aligns with Afterpay's mission to empower consumers with financial wellness while shopping. Over 20 million active users worldwide benefit from Afterpay's innovative payment model.

Square's Growth of Mobile and Conversational Commerce Report reveals that 40% of businesses are not leveraging mobile commerce technologies despite rising consumer demand. The report indicates that 98% of consumers prefer mobile interactions, and 30% expect to increase mobile shopping over the next year. Among businesses, 60% utilize mobile commerce, with 53% reporting enhanced customer relationship management. Square's Messages platform has seen a 3X increase in active merchants using it since March 2021, integrating advanced AI features to enhance customer communication.

Square has launched Tap to Pay on iPhone, enabling sellers in the U.S. to accept contactless payments directly via their iPhones, eliminating the need for additional hardware and costs. This solution enhances in-person commerce for a range of sellers, from mobile professionals to retailers, allowing them to conduct transactions seamlessly. The new feature aims to cater to evolving consumer preferences for contactless payment, supported by a security framework that ensures data privacy. Square's initiative highlights its commitment to facilitating accessible payment solutions for businesses of all sizes.

Square has launched its first integration with Afterpay in Canada, introducing "Buy Now, Pay Later" (BNPL) capabilities for its e-commerce sellers. This service enables sellers to attract customers and increase sales, with BNPL options reportedly boosting sales by 20-30%. Canadian BNPL payments are projected to reach $5.9 billion in 2022, significantly driven by Gen Z and millennials. Since the U.S. and Australia integration, sellers have seen a threefold increase in transaction sizes and a 180% rise in new Afterpay consumers. Square aims for global expansion through this collaboration.