Block (XYZ) earnings Q4 2024

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Block (XYZ) earnings Q4 2024

Jack Dorsey creator, co-founder, and Chairman of

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and co-founder & CEO of Square speaks on stage at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida.

Joe Raedle | Getty Images

Block reported fourth-quarter results on Thursday that fell short of Wall Street expectations. The stock dropped more than 7% in extended trading.

Here is how the company did, compared to analysts’ consensus estimates from LSEG.

Earnings per share: 71 cents, adjusted vs. 87 cents expectedRevenue: $6.03 billion vs. $6.29 billion expected

Revenue increased about 4.5% from $5.77 billion a year earlier.

Block, formerly known as Square, posted $2.31 billion in gross profit, a 14% increase from $2.03 billion a year ago. The company, which was an early leader in providing point-of-***** systems for smaller businesses, faces increased competition from the likes of Toast and Fiserv’s Clover unit.

Gross payment volume came in at $61.95 billion, beating analysts’ estimates of $61.3 billion, according to StreetAccount. Block posted adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) of $757 million, topping the $740 million average analyst estimate.

Block’s payments business has expanded beyond traditional point-of-***** transactions to include lending and financial services. The company acquired *********** buy now, pay later firm Afterpay for $29 billion in 2021, integrating the service into Cash App and Square’s ecosystem.

CEO Jack Dorsey has positioned Block’s Cash App Card as a potential alternative to traditional credit cards, with plans to deepen its connection to Afterpay. Analysts see lending as a key driver of future monetization, with some pointing to additional revenue opportunities in merchant services and advertising within Cash App.

Under Dorsey’s leadership, Block made a big jump into crypto, creating a new unit focused on its efforts in that area. However, last year the company wound down some of those projects after they failed to gain traction.

— CNBC’s Robert Hum contributed to this report.

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