Block Inc - SQ STOCK NEWS

Block, Inc. (NYSE: SQ) will announce its fourth quarter and full year 2022 financial results on February 23, 2023, after market close. Following this, a conference call and earnings webcast will take place at 2:00 p.m. PT / 5:00 p.m. ET to discuss the results. Registration for the call is available on Block's Investor Relations website. Block operates various brands, including Square, Cash App, and TIDAL, focusing on integrating financial services and tools to improve access to the economy.

Square reports significant growth during the Black Friday and Cyber Monday weekend, with 61M transactions recorded globally, as consumer spending patterns shift. Labor data shows a 19% increase in holiday staffing, with over 260,000 employees working 3.8M hours. Notably, transactions using Afterpay saw a remarkable 120% growth. The peak shopping moment occurred on November 28 at 11:15 am ET. Gift cards topped sales, and major cities contributing to sales included New York and London. The report emphasizes leveraging online and in-person channels for continued success.

American Express (NYSE: AXP) and Square are expanding their partnership with the launch of a new credit card tailored for Square sellers, enhancing support for small businesses. The card will operate on the American Express network and integrate seamlessly with Square’s ecosystem, allowing small business owners to manage finances more effectively. This initiative aims to provide fair credit solutions, addressing challenges faced by sellers in accessing credit. Additional details regarding the card will be announced in the upcoming year.

Afterpay has partnered with several Canadian retailers, including Blondo and Vessi, to offer flexible payment options for holiday shopping. With 39% of North American consumers using Buy Now, Pay Later (BNPL) more due to pandemic-related financial strain, Afterpay aims to enhance shopping ease. The platform now includes 144,000 global brands, attracting a younger demographic. Integrated into Square's ecommerce, Afterpay enhances transaction values by 70%. This strategic expansion aligns with Afterpay's goal to transform payment methods and support responsible spending.

Block, Inc. (NYSE: SQ) has announced its third quarter 2022 results, now available on its Investor Relations website. The company will discuss these results in a conference call today at 2:00 p.m. Pacific time. Block, a global tech company, focuses on financial services through diverse platforms like Square and Cash App, which offer payment solutions and investment opportunities. These services aim to enhance access to the economy for more users.

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.