Block (SQ) earnings Q1 2024

Block, formerly known as Square, reported first-quarter earnings that surpassed analysts' expectations, with revenue reaching $5.96 billion against the expected $5.82 billion. The company's stock rose over 7% in extended trading due to these results. Gross profit increased by 22% to $2.09 billion, and net income significantly rose to $472 million from last year's $98.3 million.

The Cash App segment of Block showed robust growth, with gross profit up 25% year-over-year, and monthly active users of the Cash App Card reaching 24 million. Additionally, Block has raised its adjusted EBITDA forecast for the next quarter. Amidst this financial growth, the company faces a federal probe into its compliance practices, which could potentially impact its future operations and stock performance.