Financial Performance - In Q2 2024, the company reported a gross profit of $2.2 billion, representing a 20% year-over-year increase [170]. - Cash App generated a gross profit of $1.3 billion in Q2 2024, up 23% year-over-year, driven by strong performance in financial services products [170]. - Square's gross profit reached $922.6 million in Q2 2024, a 15% increase year-over-year, attributed to growth in banking products and integrated payments [170]. - Total net revenue for the three months ended June 30, 2024, increased by $620.6 million, or 11%, compared to the same period in 2023 [176]. - Subscription and services-based revenue rose by $326.4 million, or 22%, in Q2 2024, primarily due to growth in Cash App's financial service-related products [178]. - Bitcoin revenue increased by $220.9 million, or 9%, in Q2 2024, contributing 42% of total revenue for the quarter [179]. - Square segment net revenue increased by $167.8 million, or 9%, for the three months ended June 30, 2024, and by $342.4 million, or 10%, for the six months ended June 30, 2024, driven by growth in Square GPV and banking products [197]. - Cash App segment net revenue increased by $455.7 million, or 12%, for the three months ended June 30, 2024, and by $1.2 billion, or 18%, for the six months ended June 30, 2024, with bitcoin revenue contributing significantly [201]. Expenses and Costs - Total cost of revenue for Q2 2024 increased by $253.2 million, or 7%, compared to Q2 2023, driven primarily by an increase in bitcoin costs [181]. - The company recorded $125.5 million in severance and related expenses as part of its cost efficiency initiatives [172]. - Product development expenses increased by $18.5 million, or 3%, for the three months ended June 30, 2024, and by $112.1 million, or 8%, for the six months ended June 30, 2024, primarily due to increased software and cloud computing infrastructure fees [187]. - Sales and marketing expenses decreased by $30.0 million, or 6%, for the three months ended June 30, 2024, and by $82.2 million, or 8%, for the six months ended June 30, 2024, mainly due to reduced marketing costs [188]. - General and administrative expenses decreased by $75.7 million, or 14%, for the three months ended June 30, 2024, and by $37.3 million, or 4%, for the six months ended June 30, 2024, primarily due to headcount reductions [189]. - Transaction, loan, and consumer receivable losses increased by $12.0 million, or 7%, for the three months ended June 30, 2024, and by $49.9 million, or 16%, for the six months ended June 30, 2024, mainly due to increased loan volumes [191]. Profitability and Income - Adjusted Operating Income for the three months ended June 30, 2024, was $399.1 million, compared to $25.5 million for the same period in 2023, reflecting improved operational efficiency [204]. - Adjusted EBITDA for the six months ended June 30, 2024, was $1.46 billion, up from $752.8 million for the same period in 2023, indicating strong earnings growth [204]. - Net income attributable to common stockholders for the three months ended June 30, 2024, was $195,268 thousand, compared to a net loss of $102,042 thousand for the same period in 2023 [220]. - Adjusted Net Income for the three months ended June 30, 2024, was $588,721 thousand, compared to $250,437 thousand for the same period in 2023 [220]. - Basic Adjusted Net Income Per Share for the three months ended June 30, 2024, was $0.95, compared to $0.41 for the same period in 2023 [220]. Liquidity and Cash Flow - The company ended Q2 2024 with $10.3 billion in available liquidity, including $9.5 billion in cash and cash equivalents [173]. - Cash provided by operating activities for the six months ended June 30, 2024, was $1.0 billion, compared to $407.7 million for the same period in 2023 [239][240]. - The total liquidity as of June 30, 2024, increased to $10.3 billion from $7.7 billion as of December 31, 2023 [224]. - Cash provided by investing activities for the six months ended June 30, 2024, was $867.4 million, up from $578.9 million in the same period of 2023, representing a 50% increase [241]. - Cash provided by financing activities for the six months ended June 30, 2024, was $1.2 billion, compared to cash used of $721.0 million in the same period of 2023, indicating a significant turnaround [242]. - The company held over $6.2 billion in aggregate principal amount of debt as of June 30, 2024, including $2.0 billion in senior unsecured notes maturing in May 2032 [228]. Shareholder Returns and Capital Management - The board authorized a share repurchase program of up to an additional $3 billion to return capital to shareholders [174]. - The company invested $149.2 million of restricted cash into a money market fund as of June 30, 2024 [224]. - The company issued $2.0 billion of 2032 Senior Notes in Q2 2024, contributing significantly to cash provided by financing activities [242]. Other Financial Metrics - The adjusted provision for income taxes for the six months ended June 30, 2024, was $298.4 million, with a non-GAAP effective tax rate of 22% [221]. - The company recognized a loss of $70.1 million and a gain of $163.3 million from the remeasurement of its bitcoin investment during the six months ended June 30, 2024 [225]. - The fair value of the company's bitcoin investment as of June 30, 2024, was $514.6 million, with a recognized loss of $70.1 million and a gain of $163.3 million for the three and six months ended June 30, 2024, respectively [245]. - The company aims to exclude certain non-cash charges from non-GAAP financial measures to better reflect ongoing business operations [209]. - The company has not identified any additional material changes in market risk since the last annual report [246].

USSESSI BLOCK 02 2024 Shareholder Letter investors.block.xyz Exhibit 99.1 To Our Shareholders August 1, 2024 We're currently on track to reach Rule of 40 by 2026, with Adjusted Operating Income margins expanding significantly year over year for both Square and Cash App. We're continuing to build a strong foundation to improve our growth into 2025, and today we want to discuss our plans for improving Square's go to market approach. There are four parts to this: sales, partnerships, marketing, and most import ...

BOSTON, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Block & Leviton is investigating Domino's Pizza, Inc. (NYSE: DPZ) for potential securities law violations. Investors who have lost money in their Domino's Pizza, Inc. investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/dpz. What is this all about? Shares of Domino’s Pizza, Inc. fell 10% following the company's suspension of long-term global growth guidance. Block & Leviton ...

After softening over the past couple of weeks, there was a sense in yesterday's session that perhaps the market is ready to turn north once again. The benchmark indices all had some of their best days in recent weeks, with the S&P 500 finishing up 1.5% and the tech-heavy NASDAQ finishing up more than 3%. Block TodaySQBlock$62.40 +0.52 (+0.84%) 52-Week Range$38.85▼$87.52P/E Ratio81.04Price Target$87.25Add to WatchlistThe market-wide correction over recent weeks, felt most acutely by tech stocks, has opened u ...

BOSTON, July 31, 2024 (GLOBE NEWSWIRE) -- Block & Leviton is investigating Five Below, Inc. (Nasdaq: FIVE) for potential securities law violations. Investors who have lost money in their Five Below investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/five. What is this all about? Shares of Five Below fell 21% following the resignation of the company's CEO, Joel Anderson, and a reported decline in sales. Block & Lev ...

Block (SQ) is scheduled to release its second-quarter 2024 results on Aug 1. For the second quarter, the Zacks Consensus Estimate for revenues is pegged at $6.22 billion, suggesting a rise of 12.3% from the prior-year quarter’s reported figure.The Zacks Consensus Estimate for second-quarter earnings is pegged at 76 cents per share, suggesting a jump of 94.9% from the year-ago reported figure. The estimate has been revised upward by 1.4% over the past 30 days. Image Source: Zacks Investment Research Block ha ...

Joe Raedle I initially covered Block (NYSE:SQ) at the start of April. At the time, I was cautious about the valuation and its potential for good returns in the long run. This wasn't just a question of its current financial capacity but also the story to how it should grow that. According to its founder-CEO, Jack Dorsey, the key is to develop an ecosystem in their company (hence changing the name from Square to Block). Citing reasonable doubt, I noted: Customers care about what happens with their mone ...

BOSTON, July 29, 2024 (GLOBE NEWSWIRE) -- Block & Leviton is investigating NuScale Power Corp. (NYSE: SMR) for potential securities law violations. Investors who have lost money in their NuScale Power Corp. investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/smr. What is this all about? According to Hunterbrook Media, NuScale Power Corp. (NYSE: SMR) is actively being investigated by the U.S. Securities and Exchang ...

BOSTON, July 29, 2024 (GLOBE NEWSWIRE) -- Block & Leviton is investigating Arbor Realty Trust, Inc. (NYSE: ABR) for potential securities law violations. Investors who have lost money in their Arbor Realty Trust, Inc. investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://blockleviton.com/cases/abr.  What is this all about? According to Bloomberg, federal "investigators are inquiring about lending practices and [Arbor Realty]'s claims about ...

Wall Street analysts expect Block (SQ) to post quarterly earnings of $0.76 per share in its upcoming report, which indicates a year-over-year increase of 94.9%. Revenues are expected to be $6.22 billion, up 12.3% from the year-ago quarter.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to a company's earnings release, it is of utmost importance t ...