UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 (Exact name of registrant as specified in its charter) ______________________ (State or other jurisdiction of incorporation or organization) Delaware 80-0429876 (I.R.S. Employer Identification Number) 1955 Broadway, Suite 600 Oakland, CA 94612 (Address of principal ...

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Block, Inc. regarding a class action lawsuit alleging that the company engaged in widespread compliance lapses and failed to disclose material information that led to illegal activities on its platforms [1]. Allegations Summary - The complaint alleges that Block had significant compliance failures at Square and Cash App, including inadequate due diligence on customer identities and transactions, allowing illegal activities to flourish [1]. - Block allegedly created an environment conducive to illegal activities by imposing minimal obligations on customers and encouraging the use of bitcoin, while pressuring banking partners to bypass standard due diligence [1]. - Numerous transactions on Block's platforms were linked to illegal activities such as money laundering, child sexual abuse, sex trafficking, drug trafficking, terrorism financing, and contract killings [1]. - The company reportedly allowed customers to withdraw funds from flagged accounts and permitted the opening of multiple accounts using fake identities for illicit purposes [1]. - Senior leadership and the Board failed to address known compliance issues despite numerous warnings and complaints, leading to inflated user metrics through fake accounts [1]. - As a result of these actions, Block faced undisclosed risks that could harm its reputation, lead to regulatory actions, and negatively impact its financial results [1]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by March 18, 2025, to participate in the case without any cost or obligation [2]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [2]. Firm's Commitment - The Gross Law Firm aims to protect investors' rights and ensure companies adhere to responsible business practices, seeking recovery for losses incurred due to misleading statements or omissions [3].

Core Insights - Block's financial results for the fourth fiscal quarter were driven by Cash App-related momentum, but the results fell short of consensus estimates for both revenue and earnings [1] - Despite missing estimates, Block experienced double-digit growth in revenue across its two main segments, particularly in Cash App [1]

Group 1: Earnings Overview - Retailers, fintech, and marketplaces reported strong earnings with record profits and revenue from several portfolio companies [1] - Fiverr's results were particularly noteworthy, along with their announcement of AI Agents on the platform, indicating a shift from Gig Economy to Giga Economy [1] Group 2: Real Estate Market Insights - Zillow remains the dominant online real estate platform, experiencing a 6% year-over-year growth in U.S. visits in January, marking it as the only platform with consistent growth last year [5][6] - Higher traffic for Zillow could enhance its advertising and mortgage business potential [6] Group 3: Block's Financial Performance - Block (Square) achieved a significant margin expansion from nearly 0% in 2019-2020 to 34% in 2024, driven by cost efficiencies and monetization across Cash App and Square [7] - The sustained profitability and growth of Block could lead to a re-rating of the stock by investors if margins hold [7] Group 4: Humanoid Robotics Development - Meta announced ambitions in humanoid robotics, with models reaching human size and pushing towards commercial applications [8] - The evolution of humanoid robots is driven by decreasing costs of robotics and computing, alongside rising human labor costs, indicating a significant market potential [9]

Core Insights - The three fintech companies, Block, Affirm, and PayPal, are increasingly converging to become all-in-one virtual banks, as highlighted in their recent earnings reports [2] Block (formerly Square) - Block reported disappointing earnings and revenue, missing estimates and resulting in an 18% stock drop, the steepest in five years [3] - CEO Jack Dorsey emphasized the company's strategy to expand from a payments tool to a full commerce platform and enhance Cash App's financial services [4] - Block's market share in the buy now, pay later (BNPL) segment increased to 19%, while Affirm maintained 17% [8] - Cash App's monthly active users have stagnated at 57 million, prompting a focus on customer engagement rather than rapid user acquisition [8][9] Affirm - Affirm reported a 35% increase in gross merchandise volume to $10.1 billion and a 47% revenue surge to $770 million, with active users growing 23% to 21 million [11] - The company is expanding into debit services with the Affirm Card, which now has 1.7 million active users, a 136% year-over-year increase [12] - Affirm's strategy includes personalizing user experiences to compete with traditional debit and credit cards [12] PayPal - PayPal's total payment volume for the quarter reached $437.8 billion, slightly below projections, but transaction margins improved to 47% from 45.8% [15] - The company is focusing on enhancing Venmo's business adoption, with a 10% year-over-year increase in total payment volume [16] - PayPal is introducing new services to improve merchant retention and has launched initiatives like PayPal Everywhere to boost engagement [18]

Core Viewpoint - Block's stock experienced a significant decline of 17% following the release of its fourth-quarter earnings report, indicating a negative market reaction to the financial results [1]. Summary by Relevant Sections - Stock Performance - Block's stock was down 17% on the trading day of February 21, 2025, reflecting investor concerns regarding the company's financial performance [1]. - Earnings Report - The fourth-quarter earnings report for Block was a key factor contributing to the stock's crash, suggesting that the results did not meet market expectations [1].

Block XYZ analysts expect a 2025 that is second-half weighted for the company after fourth-quarter financial results and guidance. The Block AnalystsBenchmark analyst Mark Palmer reiterated a Buy rating on Block with a price target of $99.Citizens analyst Andrew Boone maintained a Market Perform rating with no price target.Raymond James analyst John Davis maintained an Outperform rating and lowered the price target from $115 to $103.RBC Capital analyst Daniel Perlin maintained an Outperform rating with a pr ...

Core Insights - Block shares experienced a significant decline of 16%, marking the steepest drop since 2020, following disappointing fourth-quarter earnings and unconvincing guidance for 2025 [1] Financial Performance - Block reported earnings of 71 cents per share, which fell short of the average analyst estimate of 87 cents [2] - The company's revenue was $6.03 billion, missing expectations of $6.29 billion [2] - Gross profit for the quarter was $2.31 billion, reflecting a 14% year-over-year increase, but slightly below consensus estimates [2] Market Competition - The payments systems market for small and medium-sized businesses is becoming increasingly competitive, with Block's Square losing market share to competitors such as Toast, Fiserv's Clover, and Shift4 [3] - Analysts expressed concerns over the stagnation in user growth at Cash App [3] Growth Outlook - Block maintained its full-year 2025 outlook, projecting at least 15% gross profit growth [3] Transaction Volume - Square's payment volume rose nearly 10% year-over-year, driven by a 13% increase in the food and beverage sector, while retail transactions grew by 8% [4] - Deutsche Bank noted Square's renewed focus on industry-specific sales teams and new distribution agreements with T-Mobile, U.S. Foods, and SalonCentric [4]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Core Insights - JR Research is recognized as a top analyst in technology, software, and internet sectors, focusing on growth and GARP strategies [1] - The investment approach emphasizes identifying attractive risk/reward opportunities with strong price action to generate alpha above the S&P 500 [1][2] - The investment group Ultimate Growth Investing specializes in high-potential opportunities across various sectors, targeting stocks with robust fundamentals and turnaround potential [3] Investment Strategy - The focus is on growth investing opportunities that offer significant upside potential while avoiding overhyped and overvalued stocks [2] - The strategy includes capitalizing on battered stocks that have substantial recovery possibilities [2] - The investment thesis typically has an 18 to 24 month outlook for realization [3] Group Characteristics - Ultimate Growth Investing is designed for investors looking to capitalize on growth stocks with strong fundamentals and buying momentum [3] - The group emphasizes turnaround plays at highly attractive valuations [3]