Block said gross profit for Q1 2024 was $2.1 billion, up 22% from a year earlier. Cash App gross profit rose 25% to $1.3 billion, and Square gross profit rose 19% to $820.3 million.

10-QQuarterly reportFiled May 2, 2024Period of report Mar 31, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

Block said gross profit for Q1 2024 was $2.1 billion, up 22% from a year earlier. Cash App gross profit rose 25% to $1.3 billion, and Square gross profit rose 19% to $820.3 million.
The company reported operating income of $249.7 million for Q1 2024, Adjusted Operating Income of $364.3 million, and Adjusted EBITDA of $705.1 million. Net income attributable to common stockholders was $472.0 million, which includes a gain of $233.4 million from the remeasurement of its bitcoin investment.
Block said total net revenue for Q1 2024 increased $967.0 million (19%) from a year earlier. It said the increase in bitcoin revenue was $567.4 million. Bitcoin accounted for 46% of total revenue but 4% of total gross profit.
The company said it had available liquidity of $8.0 billion as of March 31, 2024, an increase of $304.8 million from the end of 2023. $1 billion Under the Class A common stock repurchase program authorized by the board, it had bought back a cumulative $408.9 million of stock, of which it purchased $252.1 million in Q1.

Key figures

Quarter ended March 31, 2024

Revenue: $6.0B
Operating income: $250M
Net income: $472M
EPS: $0.74
Gross profit: $2.1B
Operating cash flow: $489M

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q1 2024 Gross Profit and Segment Growth Rates

Block said gross profit for Q1 2024 was $2.1 billion, up 22% from a year earlier. Cash App gross profit rose 25% to $1.3 billion, and Square gross profit rose 19% to $820.3 million.

Source · Based on the MD&A text of the filing

Operating Income and Net Income Including Bitcoin Remeasurement Gain

The company reported operating income of $249.7 million for Q1 2024, Adjusted Operating Income of $364.3 million, and Adjusted EBITDA of $705.1 million. Net income attributable to common stockholders was $472.0 million, which includes a gain of $233.4 million from the remeasurement of its bitcoin investment.

Source · Based on the MD&A text of the filing

Bitcoin Share of Revenue and Gross Profit

Block said total net revenue for Q1 2024 increased $967.0 million (19%) from a year earlier. It said the increase in bitcoin revenue was $567.4 million. Bitcoin accounted for 46% of total revenue but 4% of total gross profit.

Source · Based on the MD&A text of the filing

Liquidity and Share Repurchase Activity

The company said it had available liquidity of $8.0 billion as of March 31, 2024, an increase of $304.8 million from the end of 2023. $1 billion Under the Class A common stock repurchase program authorized by the board, it had bought back a cumulative $408.9 million of stock, of which it purchased $252.1 million in Q1.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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