Block Surpasses Wall Street Expectations Riding on Cash App

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Block reported a gross profit of $1.66 billion in 2022, representing a 40% increase from the previous year.
Wall Street projected a $1.53 billion return for Block in 2022.
Block’s stock jumped by 8% shortly after the quarterly report was released.

Block, the financial intermediary for peer-to-peer transactions, reported a gross profit of $1.66 billion in the past year. That represents a 40% increase, soaring beyond the $1.53 billion forecasted by Wall Street. However, the company posted a quarterly net loss of $114 million, translating to 19 cents per share.

According to reports, Block, formerly known as Square, announced that it ended 2022 with 51 million monthly transactions in the last month, December. The financial transactions company claimed an average of two of every three registered users used its flagship application, Cash App, every week.

As reported, Block’s Cash App business reported a gross profit of $848 million, rising by 64% year-on-year. Also, reaching 51 million transactions in December 2022 reflected a 16% increase, year-on-year.

For 2022, Block reported that its Cash …

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